State guaranteed funding

Dexia (formerly Dexia Crédit Local) is funded on the markets via a guarantee granted by the Belgian and French States

Within the framework of the Dexia Group’s orderly resolution plan, the Belgian and French States granted Dexia (formerly Dexia Crédit Local) a guarantee on its funding. This guarantee was granted by law in each State and took effect on 1 January 2022.

It extends the funding guarantee granted by the Belgian, French and Luxembourg States on 24 January 2013, which, although it expired on 31 December 2021, continues to have effect for all guaranteed bonds issued by Dexia (formerly Dexia Crédit Local) until 31 December 2021 and for a maximum maturity period of 10 years since their issue date.

The key elements of the funding guarantee

This extended funding guarantee remains irrevocable, unconditional and payable on first demand. It covers the Group's guaranteed bonds issued until 31 December 2031, with a maximum maturity of 10 years from their date of issue and a maximum principal amount of EUR 72 billion.

The guarantee is also joint but not several, which means that in the event of a call on the guarantee, each guarantor State will be liable to fulfil its payment obligations only to the extent of its proportional commitment under the guarantee (i.e. 53% for Belgium and 47% for France).

Extract from the 2022 Guarantee Agreement between Dexia Crédit Local and the States

Extract from the 2013 Guarantee Agreement between Dexia Crédit Local and the States

The outstanding principal amount under the 2013 and 2022 guarantees is disclosed on a daily basis on the National Bank of Belgium website.

Total outstanding amount of State guaranteed obligations under the Agreements of 2013 and 2022

Rating and prudential treatment of securities issued under the agreement


The rating of the short and long-term debt guarantee programmes of Dexia (formerly Dexia Crédit Local) are rated A-1+ and AA by Standard & Poor's, F1+ and AA- by Fitch Ratings and P1 and Aa3 respectively, with a stable outlook by Moody's, reflecting the outlook for the Belgian sovereign, the main guarantor.

Risk weighting

The securities issued by Dexia (formerly Dexia Crédit Local) receive a risk weighting of 0% under the standard approach in accordance with the official letters from the French and Belgian banking supervisors in application of the “CRD IV” prudential legislative package, here indicating a European regulation (Capital Requirements Regulation - CRR) and directive (Capital Requirements Directive - CRD), transposing the Basel III provisions into European Union Law and applicable from 1 January 2014.

Official letter of the National Bank of Belgium

Official letter of the ACPR

Eligibility as a HQLA Level 1 asset for calculation of the Liquidity Coverage Ratio (LCR)

Notice 2023 from the Prudential Supervision and Resolution Authority (l’Autorité de Contrôle Prudentiel et de Résolution - (ACPR), Section relating to the eligibility of securities issued by operators in the financial sector ( confirms that Dexia's guaranteed issues can be considered as high quality liquid assets (HQLA) level 1, thus having the same level as sovereign bonds issued by State agencies.

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Characteristics of the government guaranteed funding programmes