Market risks

VaR
VaR, as calculated by Dexia, measures the potential losses incurred with a level of confidence of 99% and for a holding period of 10 days. In addition to VaR, the risk is also measured and limited by other indicators (nominal volumes, rate and spread sensitivity, option sensitivities).

Value at Risk figures for 2005 (VaR)

		VaR 10 days - 99% (in EUR million)				Average		Max.
		Capital Markets		FED		6.1		14.1
				Fixed Income		1.1		2.8
				Securitization		1.2		2.0
		Treasury and Equities		Equities		0.9		5.5
				Forex		2.0		4.6
				Money Market		19.8		31.0
		TFM				26.9		38.5