{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Belgium nationalises Dexia subsidiary for US$5.4 billion' data-url='/boclips/videos/5c54ba83d8eafeecae11e0fb' data-video-url='/boclips/videos/5c54ba83d8eafeecae11e0fb' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nBelgium nationalises Dexia subsidiary for US$5.4 billion\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Chairman of Dexia Board of Directors Jean-Luc Dahaene and Chief executive of Dexia Pierre Mariani arriving to news conference 2. SOUNDBITE (French) Jean-Luc Dahaene, Chairman of Dexia Board of Directors:\"The decision was taken...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Chairman of Dexia Board of Directors Jean-Luc Dahaene and Chief executive of Dexia Pierre Mariani arriving to news conference \u003cbr/\u003e2. SOUNDBITE (French) Jean-Luc Dahaene, Chairman of Dexia Board of Directors:\u003cbr/\u003e\"The decision was taken unanimously, it is understood that some have abstained from some votes due to eventual conflict of interest, so for the rest it can be considered that the board has taken the decision unanimously. As I said this was a difficult decision to take in which the board was not hesitant to accept its responsibility.\"\u003cbr/\u003e3. Wide of news conference\u003cbr/\u003e4. SOUNDBITE (French) Jean-Luc Dahaene, Chairman of Dexia Board of Directors:\u003cbr/\u003e\"If it hadn't been for the new external factors, over which we have no control, I think we would have succeeded. I regret that, because of the effects of the crisis in the eurozone, we were effectively obliged to address the state again to avoid a systemic crisis of a Belgian bank.\"\u003cbr/\u003e5. Journalists listening\u003cbr/\u003e6. SOUNDBITE (French) Pierre Mariani, Chief Executive Officer of Dexia:\u003cbr/\u003e\"The recapitalisation (back in 2008) was an inappropriate response to the real difficulties of our company because the difficulties were and still are the liquidity, the sensitive point is liquidity, and not solvency.\"\u003cbr/\u003e7. Wide of news conference\u003cbr/\u003e8. SOUNDBITE (English) Pierre Mariani, Chief Executive Officer of Dexia:\u003cbr/\u003e\"Of course, the pressure exercised by the Moody's release on Monday (on the currents of which of course we could have some comments and everybody will have his own view about the role and the self-fulfilling prophecy of the rating agency opinions) clearly put under pressure the situation, but I think the multiplication of different rumours about the group during the week put some pressure on the group funding. Definitely.\"\u003cbr/\u003e9. Dahaene and Mariani leaving news conference\u003cbr/\u003e10. Wide of Dexia bank entrance\u003cbr/\u003e11. Customer using ATM machine\u003cbr/\u003e12. Medium of Dexia signs\u003cbr/\u003e13. SOUNDBITE (English) Michael Delsaut, Dexia client:\u003cbr/\u003e\"I am just buying a house so my loan is also by Dexia and of course we are calling (on) Dexia not to take back our money but to know what will be the future with our loan, with our money and our bank accounts.\"\u003cbr/\u003e14. Wide of people exiting the Dexia bank \u003cbr/\u003e15. SOUNDBITE (French) Barry, no last name given, Dexia client: \u003cbr/\u003e\"I am a bit optimistic because the state nationalised the bank Dexia Belgium. It is a question of nationalisation and I am a bit optimistic.\"\u003cbr/\u003e16. Close up of Dexia sign\u003cbr/\u003e17. Mid of Le Soir newspaper headline about Dexia \u003cbr/\u003e18. Wide of newspaper front pages\u003cbr/\u003eEmbattled bank Dexia said on Monday that the Belgian state would buy its Belgian subsidiary for 4 billion (b) euros (5.4 billion (b) US dollars) as part of a break-up of the lender due to severe liquidity problems.\u003cbr/\u003eThe part-nationalisation of Franco-Belgian Dexia, announced on Monday, was triggered by other banks' increasing reluctance to lend to it due to its exposure to highly indebted eurozone states like Greece and Italy and to struggling municipalities in the United States.\u003cbr/\u003eFrance and Belgium already became part owners of the bank during a 6.4 billion (b) euro bailout in 2008.\u003cbr/\u003eAt a news conference on Monday, the bank's management blamed the renewed problems on the risks that were piled up before they took over in 2008.\u003cbr/\u003eChairman Jean-Luc Dehaene said the bank realised very quickly that it was facing a difficult task. \u003cbr/\u003eEfforts to strip down Dexia's balance sheet and shift funding from short-term to long-term were taken quickly, but management did not have enough time to get the lender back on track before it was slapped hard by the government debt crisis, Dehaene added.\u003cbr/\u003e\"If it hadn't been for the new external factors, over which we have no control, I think we would have succeeded,\" he said.\u003cbr/\u003e\"I regret that, because of the effects of the crisis in the eurozone, we were effectively obliged to address the state again to avoid a systemic crisis of a Belgian bank.\"\u003cbr/\u003eChief executive Pierre Mariani insisted that Dexia faced a crisis of liquidity not solvency, which is why the bank managed to pass pan-European stress tests just this summer.\u003cbr/\u003eMariani added that a threat to downgrade the bank's credit worthiness by rating agency Moody's last Monday, exacerbated by rumors during the week, \"put some pressure on group funding.\"\u003cbr/\u003eDexia's stock remained suspended on Monday morning following steep losses early last week.\u003cbr/\u003eBelgium's caretaker prime minister Yves Leterme said the nationalisation was necessary to insulate the Belgian retail bank from the risks of the wider group, Dexia SA. \u003cbr/\u003eHe said support from the state ensures that all of Dexia's clients can be sure and certain that their money is in full security.\u003cbr/\u003eDespite assurances from the government, one Dexia customer on Monday said he was still worried about his loan with the bank.\u003cbr/\u003e\"I am just buying a house so my loan is also by Dexia and of course we are calling (on) Dexia not to take back our money but to know what will be the future with our loan, with our money and our bank accounts.\"\u003cbr/\u003eOn top of the nationalisation, the governments of Belgium, France and Luxembourg together will provide an additional 90 billion euros (121 billion (b) US dollars) in funding guarantees for the bank for up to 10 years.\u003cbr/\u003eBelgium will provide 60.5 percent of these guarantees, 36.5 percent will come from France and the remaining 3 percent from Luxembourg.\u003cbr/\u003eAt the same time, Dexia's board is in negotiations with French banks Caisse des Depots et Consignations and La Banque Postale to find a solution to the financing of French local authorities, in which Dexia plays an important role.\u003cbr/\u003eDexia said backing from the Caisse des Depots would reduce its short-term funding requirement by almost 10 billion (b) euros.\u003cbr/\u003eThe announcement followed marathon negotiations between the three governments and the bank's management.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv 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