Today, Dexia Crédit Local is the main subsidiary of Dexia, a European banking group historically active in the fields of public sector financing and retail banking which has been managed in run-off since the end of 2011. On 28 December 2012, the European Commission gave its approval on the revised orderly resolution plan submitted by the Belgian, French and Luxembourg governments and, on 24 January 2013, the three governments, provided, severally, but not jointly, a refinancing guarantee to Dexia Crédit Local.
As the historical financial partner of the local public sector in France, Dexia Crédit Local has redefined its missions. The bank is committed to fulfil its contractual obligations and to implement an active policy of structured loans desensitisation along with the local authorities involved. In 2013-2014, Dexia Crédit Local is able to grant new loans up to €600 million in order to speed up the desensitisation of structured loans according to certain procedures approved by the European Commission. Despite a difficult and very constraint environment, Dexia Crédit Local remains attentive to its clients and keeps on working with them to find joint solutions.
Following the withdrawal of many lenders, from the local public sector market in France, a new financing scheme was implemented by the State, La Banque Postale and Caisse des Dépôts, while benefiting from the tools and skills of Dexia Crédit Local teams. Subsequently, the Société de Financement Local (SFIL) started operations on 1 February 2013. Dexia Municipal Agency was sold to SFIL and renamed Caisse Française de Financement Local (CAFFIL). It has become a key part of the new scheme aiming at providing refinancing in the capital markets. Dexia Crédit Local has contributed to this major project by providing acknowledged experience and know-how.
After making significant progress in implementing the resolution plan, Dexia and its subsidiary Dexia Crédit Local have nominated a unified management team well-suited to the group’s new size. Therefore, Dexia Crédit Local’s profile has deeply changed turning 2012 into a pivotal year .