Dexia1 is a European banking group managed under an orderly resolution plan since the end of 2011. The Belgian and French States own 99.6% of the Group2.
Dexia's orderly resolution plan, which was approved by theEuropean Commission in December 2012, aims to avoid the Group's bankruptcy and liquidation which, given the Group's residual size, could have been destabilising to the entire European banking sector.
As a significant bank3, Dexia has been under the direct prudential supervision of the European Central Bank within the framework of the Single Supervisory Mechanism (SSM) since 4 November 2014. The Group's parent company, Dexia, is a public limited company (société anonyme) and financial company governed by Belgian law whose shares are listed on Euronext Brussels.
The Group has 773 members of staff as at 31 December 2018. Dexia Crédit Local is the Group's main operating entity and benefits from a funding guarantee, up to a maximum amount of EUR 85 billion, provided by the States of Belgium, France and Luxembourg, to allow for the execution of the orderly resolution plan. Dexia Crédit Local is based in France, where it holds a banking licence, with branches in Ireland, the United States and Spain4, and subsidiairies in Germany5 and Italy. These entities also hold local banking licences.
Dexia no longer has any commercial activities and is now solely focused on managing its assets in run-off, mainly public sector and sovereign assets, while protecting the interests of the Group's State shareholders and guarantors. To meet this objective, the Group has established three strategic goals:
1 On 14 December 2018, Dexia and the German banking group Helaba signed a share and purchase agreement concerning Dexia Kommunalbank Deutschland, Dexia Crédit Local's subsidiary; cf. joint press release issued by Dexia and Helaba on 14 December 2018. On 2 May 2019 Dexia and Helaba completed the sale of DKD, cf. press release of 2 May, both press releases are available at www.dexia.com.