Dexia

No. Dexia has been in orderly resolution since 2012, when the European Commission approved its restructuring plan. It is prohibited from initiating new commercial loans or accepting deposits, and exists solely to manage the orderly run-off of its legacy assets. Its residual balance sheet is supported by explicit state guarantees from France, Belgium, and Luxembourg.

Dexia's failure was precipitated by its reliance on short-term wholesale funding to finance a large portfolio of long-dated assets, principally municipal loans and structured credits. Its US subsidiary, FSA, insured substantial volumes of mortgage-backed securities that deteriorated during the 2008 crisis. The combined liquidity and capital pressures led to a first state rescue in 2008 and a second, definitive intervention in 2011 when the group was irrevocably broken up.

The residual Dexia entity is majority-owned by the French, Belgian, and Luxembourgish states following successive bailouts. The precise ownership structure reflects the shares acquired during the 2008 and 2011 rescue operations, with the French and Belgian states holding the largest stakes. No private equity holder or family has a controlling interest.

As of 2023, the residual portfolio consists primarily of long-dated loans to French local authorities and public-sector entities, along with a legacy structured-product book. The portfolio is in terminal decline, with total assets falling from €247 billion in 2015 to approximately €70 billion at year-end 2023. Specific holdings are not designated for new investment.

No. Dexia's mandate is exclusively to manage down its existing legacy portfolio with the objective of minimizing ultimate costs to the three guaranteeing sovereigns. It does not participate in new fund commitments, co-investments, or any alternative-asset programs.