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  • FSA holdings to relay 3Q reporting due to restatement of past results relating to interpretation of SFAS 133 on certain hedge relationships - Information center
    a material impact on the results of the operations or financial condition of the Company or FSA The Company and the Board s Audit Committee have discussed this matter with the Company s independent registered public accounting firm Background Information SFAS 133 requires that all derivatives be carried on the Company s balance sheet at fair value and that periodic changes in their fair value be recorded in earnings If hedging relationships meet certain criteria specified in SFAS 133 they are eligible for hedge accounting and the offsetting changes in fair value of the hedged items may be recorded in earnings The application of hedge accounting generally requires the Company to evaluate the effectiveness of the hedging relationships on an ongoing basis and to calculate the changes in fair value of the derivatives and related hedged items independently This is known as the long haul method of hedge accounting Transactions that meet more stringent criteria qualify for the short cut method of hedge accounting in which an assumption can be made that the change in fair value of a hedged item exactly offsets the change in value of the related derivative In the course of preparing its September 30 2005 10 Q filing the Company determined that its accounting documentation for certain short cut hedging relationships did not meet the requirements of SFAS 133 for a number of fair value hedges In addition the Company incorrectly applied the short cut method of hedge accounting to certain other hedge relationships Since these hedges were incorrectly designated as qualifying for short cut hedge accounting and the Company did not test the hedging relationships periodically for effectiveness the provisions of SFAS 133 do not allow the Company to apply retroactively the long haul method although they would have qualified for long haul hedge accounting treatment if they had been documented that way at their inception To correct these errors the Company will reverse the periodic changes in fair value of the hedged items that had previously been recognized in earnings Forward Looking Statements The Company relies on the safe harbor for forward looking statements provided by the Private Securities Litigation Reform Act of 1995 This safe harbor requires that the Company specify important factors that could cause actual results to differ materially from those contained in forward looking statements made by or on behalf of the Company Accordingly forward looking statements by the Company and its affiliates are qualified by reference to the following cautionary statements In its filings with the SEC reports to shareholders press releases and other written and oral communications the Company from time to time makes forward looking statements Such forward looking statements include but are not limited to projections of revenues income or loss earnings or loss per share dividends market share or other financial forecasts statements of plans objectives or goals of the Company or its management including those related to growth in adjusted book value or return on equity and expected losses on and adequacy of

    Original URL path: http://www.dexia.com/EN/journalist/press_releases/Pages/FSA-holdings-to-relay-3Q-reporting-due-to-restatement-of-past-results-relating-to-interpretation-of-SFAS-133-on-certain-hed.aspx (2016-01-08)
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  • Dexia Bank Belgium, itself a subsidiary of the Dexia Group, is selling its subsidiary Eural S.A. to ING Belgium - Information center
    the Dexia Group is selling its subsidiary Eural S A to ING Belgium Page Content Dexia Bank Belgium itself a subsidiary of the Dexia Group is selling its subsidiary Eural S A to ING Belgium Eural has been a part of the Dexia Group since the acquisition of Artesia Banking Corporation in 2001 After examination of what might be the optimum positioning of Eural within Dexia Bank Dexia observed that the subsidiary was difficult to align to the strategy adopted by the Group for the Belgian market Differences between the Dexia Bank and the Eural networks were reflected by sub optimal integration of the Eural network into that of the bank There is moreover a limited complementary relationship with regard both to clientele and to geographic cover Eural currently employs 103 members of staff Through self employed agents and brokers the company markets its own brand of investment and credit products as well as insurance products The Eural distribution network includes 233 branches and covers the entire territory of Belgium with a greater density in the north of the country As at 31 12 2004 Eural posted a net profit of 2 8 million EUR for a balance sheet total

    Original URL path: http://www.dexia.com/EN/journalist/press_releases/Pages/Dexia-Banque-Belgique,-filiale-du-groupe-Dexia,-vend-sa-filiale-Eural-S.A.-%C3%A0-ING-Belgique.aspx (2016-01-08)
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  • Project Dexia - Fortis. Board decided not to go ahead with this proposal of a joint study - Information center
    in short Financial results and reports Shareholder information Investor information General meeting Regulated information Contact Career HR Welcome Testimonials Home Information center Press releases Project Dexia Fortis Board decided not to go ahead with this proposal of a joint study PRESS RELEASE Email Print Rollup Image 22 09 2005 Project Dexia Fortis Board decided not to go ahead with this proposal of a joint study Page Content Further to the article published in the Belgian press on September 21st Dexia was contacted by representatives of Fortis who submitted a proposal to examine jointly a project of bringing together the two groups Having considered the situation Dexia s management board has examined the opportunity to start discussions with Fortis The members of the management board have unanimously found that it was neither desirable nor advisable to proceed with such a study The Board of Directors of Dexia convened yesterday evening to look into Fortis s proposal as well as Dexia s management board s position On such bases all the members of the Board of Directors have also unanimously decided not to go ahead with this proposal of a joint study considering that this was not in the interest of Dexia

    Original URL path: http://www.dexia.com/EN/journalist/press_releases/Pages/Rapprochement-Dexia-Fortis.-Aucune-suite-ne-sera-donn%C3%A9e-%C3%A0-cette-proposition-d%27examen.aspx (2016-01-08)
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  • The republic of Poland has mandated Dexia for the lead-management of the second Euro 50-year issue launched by a sovereign issuer - Information center
    year issue launched by a sovereign issuer PRESS RELEASE Email Print Rollup Image 12 07 2005 The republic of Poland has mandated Dexia for the lead management of the second Euro 50 year issue launched by a sovereign issuer Page Content Dexia Capital Markets and HSBC in cooperation with Dexia Kommunalkredit Bank the newly funded bank of the Group in Vienna with the focus on Central and Eastern Europe have lead managed with success the second 50 year bond issue in euro launched by a sovereign after the France s issue in last February This is the Republic of Poland A2 BBB bond issue with the longest maturity following the Poland 30 year euro bond issue in January 2005 Reaching such maturities allows public sector issuers to better match their liabilities with their assets As such this allows to optimize the financing structure especially in the actual condition of historically low long rates The issue was launched as a 50 year private placement of EUR 500 million under the existing EMTN programme on the international capital markets The aim is to finance the servicing of the existing foreign debt The bond maturing on July 20 2055 was priced at a

    Original URL path: http://www.dexia.com/EN/journalist/press_releases/Pages/La-r%C3%A9publique-de-Pologne-confie-%C3%A0-Dexia-la-direction-du-deuxi%C3%A8me-emprunt-obligataire-en-Euro.aspx (2016-01-08)
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  • Mr Dominique Marcel, Financial Manager of the Caisse des Dépôts et Consignations group joins the Board of Directors of Dexia SA - Information center
    joins the Board of Directors of Dexia SA PRESS RELEASE Email Print Rollup Image 07 07 2005 Mr Dominique Marcel Financial Manager of the Caisse des Dépôts et Consignations group joins the Board of Directors of Dexia SA Page Content The Board of Directors of Dexia SA coopted Mr Dominique Marcel as director during its meeting of 7th July 2005 The confirmation of this appointment will be submitted to the next general meeting of shareholders of Dexia SA Born on 8th October 1955 Studies 1981 1983 Training college for senior civil servants ENA 1979 Specialist degree in economics University of Paris I 1977 Degree in politic science IEP Paris 1976 Master s degree in economics University of Paris I Career From November 2003 Financial manager of the Caisse des dépôts group Member of the management board of Caisse des dépôts et consignations 2002 Inspector general of finance 2000 Deputy manager of the first minister s private staff 1997 Manager of the private staff of the minister for employment and solidarity 1995 Assistant manager in charge of savings provident systems and financial markets in the treasury department 1993 Adviser to the President of the Republic economy 1992 Adviser in charge of monetary banking and financial affairs as a member of the private staff of the minister of economy and finance 1991 Technical adviser economy and finance as a member of the first minister s private staff 1989 Manager of the office for credit insurance and export financing in the treasury department 1987 IMF deputy director for France 1986 Deputy secretary general to the interdepartmental committee for industrial restructuring 1983 Assistant manager for French investment in France and foreign investment in France in the treasury department Positions held Member of the supervision committee of the National fund of savings banks CNCE Chairman

    Original URL path: http://www.dexia.com/EN/journalist/press_releases/Pages/Monsieur-Dominique-Marcel-entre-au-Conseil-d%27administration-de-Dexia-SA.aspx (2016-01-08)
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  • Dexia appointed financial adviser for the Lyons - Turin railway project - Information center
    Dexia Mediobanca Clifford Chance and Grimaldi e Associati and of which Dexia is the authorised representative was retained on 21 June 2005 by the company Lyon Turin Ferroviaire LTF to carry out a consultancy mission dealing with the financial and legal aspects relating to the common Franco Italian part of the project Saint Jean de Maurienne Bruzolo to build a new high speed rail link between Lyons and Turin This is one of the priority infrastructure projects in Europe It consists in particular of the construction of a 52 kilometre tunnel under the Alps The works are to begin in 2010 the service is scheduled to start in 2018 and the cost of the project is estimated at 6 7 billion EUR for the international part only The project results from the wish to rebalance road and rail traffic sustainably between France and Italy in favour of rail for economic and also environmental reasons with a concern to add dynamism to rail freight with this link This mandate relates essentially to a further comparative study of two deals selected as a result of earlier studies a Public Private Partnership PPP scheme and a public scheme so that a choice can

    Original URL path: http://www.dexia.com/EN/journalist/press_releases/Pages/Dexia-nomm%C3%A9-conseiller-financier-sur-le-projet-ferroviaire-Lyon-Turin.aspx (2016-01-08)
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  • The statutory merger of DVV Insurance and Dexia Insurance becomes effective on 30 June 2005 - Information center
    Email Print Rollup Image 30 06 2005 The statutory merger of DVV Insurance and Dexia Insurance becomes effective on 30 June 2005 Page Content Creation of a new insurance company Dexia Insurance Belgium On 20 June the extraordinary general meetings of DVV Insurance and Dexia Insurance approved the merger operation leading to the statutory integration of the two companies On 30 June next the company Dexia Insurance will integrate the company DVV Insurance and take the name of Dexia Insurance Belgium S A abbreviated to DIB S A The statutory merger of these two entities constitutes an important stage in the establishment of an insurance company in Belgium following the acquisition of the group Artesia Banking Corporation by Dexia SA in 2001 Dexia Insurance Belgium and its subsidiaries operate on the Belgian market through distribution channels responding to the specific requirements of several types of client by way of different brands The bank branches of Dexia Bank distribute a complete range of Life and Non Life insurance products to their clients under the Dexia brand The network of exclusive advisers of DVV Insurance continues to operate under that brand offering a complete Life and Non Life service CoronaDirect is a direct Life and Non Life insurer to clients who do not wish to use intermediaries The brand is Corona Belstar is a Life insurer distributing a complete range via a network of brokers under the brand Belstar The creation of a single back office for DVV Insurance and DI enables an optimum response to be made to the specific requirements of the different channels of distribution and advantage to be taken on the synergies arising where that proves desirable both for internal processes and the marketing approach CoronaDirect Belstar and the former subsidiaries of DVV Insurance and Dexia Insurance abroad

    Original URL path: http://www.dexia.com/EN/journalist/press_releases/Pages/La-fusion-juridique-entre-Les-AP-assurances-et-Dexia-Insurance-entre-en-vigueur-ce-30-juin-2005.aspx (2016-01-08)
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  • Foundation members accept Duisenberg agreement - Information center
    PRESS RELEASE Email Print Rollup Image 23 06 2005 Foundation members accept Duisenberg agreement Page Content Most of the share leasing customers members of the foundations Leaseverlies 82 of respondents and Eegalease 78 of respondents have accepted the agreement proposed on 28 April 2005 after the mediation of W Duisenberg As a result the agreement with the foundations the Consumentenbond and the Vereniging van Effectenbezitters Dutch Association of Securities holders

    Original URL path: http://www.dexia.com/EN/journalist/press_releases/Pages/Acceptation-de-l%27accord-Duisenberg-par-les-adh%C3%A9rents-des-fondations.aspx (2016-01-08)
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