  Credit
risks
Organization
Group Risk Management (GRM) oversees Dexia’s risk policy under the guidance of Dexia’s Management Board or specialized risk committees.
It sets Group guidelines on limits and delegations, sets and manages the risk surveillance function and decision processes and it implements Group-wide risk assessment methods for each of the bank’s activities and operating entities.
Two specialized risk committees exist at Group level concerning credit risk management:
- The Credit Risk Policy Committee defines the Group's risk profile and risk guidelines;
- Dexia Credit Committee rules on questions that are beyond the scope of the delegations granted to the entities.
Major projects in 2006
The main achievement of the year 2006 was the continuation of the Basel II effort leading the Group at the end of 2006 to present the regulators with a complete application file for the advanced approach. After validation by the regulators, this should allow Dexia to implement the full IRBA approach from January 1, 2008.
 Breakdown
of the Dexia Group's exposure as of December 31, 2006
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