47-655: François, Baron Narmon (26 January 1934 – 14 March 2013) was a Belgian businessman and president of Dexia Group and the Belgian Olympic Committee . From 2002 until 2004 he was a member of the International Olympic Committee . Born in Jette , Narmon obtained a licentiate degree as commercial engineer from the Université libre de Bruxelles ( École de commerce Solvay ). He lectured on accountancy at
94-404: A core shareholders' equity of €19.2 billion. In 2008, the bank entered severe financial difficulties and received taxpayer bailouts for €6 billion, and it became the first big casualty of the 2011 European sovereign debt crisis . Due to big losses, suffered among others from the debt haircut on Greek government bonds, its Common Equity Tier 1 (CET1) capital ratio became negative during
141-499: A financial crisis in a Europe-wide stress test, reducing the chances of it needing further state aid. The ECB had already acknowledged Dexia's "specific situation", with an assessment of its finances carried out over its 2011 wind-down plan. That EU-approved plans makes Dexia unique among the 128 major euro zone banks being reviewed by the European Central Bank (ECB) and the 124 EU banks that are being subjected to stress tests by
188-503: A gas pipe line in Myanmar and the BTC pipe line through Turkey, Azerbaijan and Georgia. In 2005 Dexia announced a new policy concerning the weapons industry. Companies involved in the production of anti-personnel mines will be completely barred from banking services. For investment funds there is no limitation of investments in the weapons industry. Dexia did on the other hand rank 17th in 2011 on
235-563: A maximum bonus of €1.8 million. Within Dexia Crédit Local, the French component of Dexia group, a pool of €8 million was dedicated to the bonuses of the leading managers, mainly directors. The management indicated that the sum would be shared among 400 to 765 employees. Philippe Rucheton , the financial director appointed by Dexia in April 2009, coming from Société Générale , received
282-599: A possible breakup, with a plan to place its "legacy" division into a bad bank with government guarantees. On 10 October, it was announced that the Belgian banking arm will be purchased for €4 billion by the Belgian federal government. Some units such as DenizBank and the Luxembourg retail bank will be put up for sale. Part of its French operations are likely to be purchased by Caisse des dépôts et consignations and La Banque Postale . The remaining troubled assets, including
329-549: A surgeon and radical socialist, originally from Briennon in the Loire , who was a member of Dijon's municipal council under the Popular Front . The senior Rebsamen died in Dijon on 19 February 1974. Rebsamen earned a master's degree in public law, a DESS in economics and a degree in political science. Rebsamen began his professional and political career by serving as chief of staff for
376-649: A taxpayer bailout. This support was assured within days, taking two forms: The three states have the potential to make a profit from their intervention: Since Dexia had a New York banking office they were eligible for various bailouts from the US Federal Reserve. At its peak Dexia had borrowed $ 58.5 billion. On 30 September 2008 the company's chairman Pierre Richard and CEO Axel Miller were dismissed, and were replaced on 7 October 2008 by former Belgian prime minister Jean-Luc Dehaene and Pierre Mariani respectively. On 24 October 2008, Francois Rebsamen ,
423-504: A welcome bonus of €500,000. In 2010 Dexia announced its plan to provide CEO Pierre Mariani with a bonus of €600,000. For Jean-Luc Dehaene a remuneration was planned of €88,000. The allotment of high bonuses at Dexia and competitor KBC caused some commotion in Belgium. Leading the city of Ghent to remove some €30 million in short term investments from Dexia and KBC. Francois Rebsamen François Rebsamen (born 25 June 1951)
470-490: A €95 billion bond portfolio would remain in a "bad bank" that would receive funding guarantees of up to €90 billion provided by the governments of Belgium (60.5%), France (36.5%) and Luxembourg (3%). On 27 July, Dexia confirms the sale of its 50% share in RBC Dexia Investor Services. The business moves under the sole ownership of Royal Bank of Canada (RBC) and is renamed RBC Investor Services . In
517-563: Is a French politician who was the Minister of Social Affairs from 2014 to 2015. He was a member of the Socialist Party . Rebsamen is the son of Eric Gottfried Rebsamen, a Protestant who was born in Stuttgart on 9 January 1917, and worked at Renault in Dijon for several months in 1939–40. In that same city, after the war, the senior Rebsamen married Denise Agron, daughter of Édouard Agron,
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#1732880074660564-488: Is headquartered in Brussels , Belgium. France and Belgium just injected another combined €5.5 billion ($ 7 billion) into Dexia. On 29 September 2008 Dexia came under pressure during the crisis in the banking sector . Other banks and financial institutions refused to provide further credit to Dexia because of potential losses at its U.S. subsidiary FSA and from a multi-billion loan to troubled German bank Depfa . The price of
611-512: The 2008 municipal elections , winning 56.22% of the votes to François-Xavier Dugourd's 36.44%. His plan to build a tramway in Dijon was unanimously approved by the Greater Dijon Community Council on 15 May 2008. From 2007 to 2008, Rebsamen was a director of Dexia-Crédit Local de France, resigning a few days before it went bankrupt. In the 2008 elections , Rebsamen became a Senator, the first Socialist to represent Côte-d'Or in
658-742: The Senate since 1948, and resigned then from the post of general counselor. In the Senate, he was a member of the National Committee on Finance, Budget Control, and Economic Accounts. After the Senatorial elections of 25 September 2011, and the election of 1 October, Rebsamen was chosen to lead the Socialist caucus in the Senate. In the Socialist Party's 2011 primaries , Rebsamen endorsed François Hollande as
705-527: The Supreme Court on the legality of leasing contracts, in which contracts were considered invalid for married couples of which both partners had not signed the contract. Dexia as a consequence had to repay these debts plus accrued interests. Luckily for Dexia many customers had previously agreed to a less favourable Duisenberg-agreement and could not revoke this. Eventually only 3,000 of the hundreds of thousands of Legiolease customers profited from this ruling of
752-426: The 2010 Fortune Global 500 (which lists companies by total income) Dexia was ranked 49th, the top-ranked Belgian company. The company was founded in 1996 through the merger of Crédit Communal de Belgique (founded in 1860) and Crédit Local de France (founded in 1987). The Dexia Group was founded as a dual-listed company , but in 1999 the Belgian entity took over the French entity to form one company. The company
799-521: The Dexia employees by 2014. At the same time, outgoing cashflows were diminished by reducing the bonds portfolio; even selling bonds at a loss, if necessary, which explained to a large extent the lesser profits in 2010. More incoming funds from private saving accounts and less outgoing capital through bonds and loans to public institutions meant that Dexia could already worry a bit less about finding sufficient short term funding. The greater international trust in
846-405: The Dexia share, having peaked above €20 in the previous years, but gradually fallen to around €10, dropped in one day to €6.62. The next day the rating agency Moody's downgraded Dexia's long term debt and deposits ratings from Aa1 to Aa3, and downgraded the individual banks' strengths to C− ("adequate intrinsic financial strength") with a negative outlook. Dexia was quickly forced to apply for
893-628: The European Banking Authority (EBA). The Comprehensive Assessment completed in October 2014 ahead of the entry into force of European Banking Supervision suggested Dexia had a capital shortfall of €340 million. However, as the bank was guarantee by States, the bank was not required to capital increases. A subsidiary, Dexia Asset Management changed its name to Candriam following its acquisition by New York Life Investments on 3 February 2014. In 2015 Dexia announced that it would suffer from
940-480: The High Council. According to research of Netwerk Vlaanderen Dexia in 2005 together with AXA , Fortis , ING and KBC invested over €6.6 billion in companies that were involved in human rights violations. The companies and projects in which banks invest are controversial because of their support for dictatorial regimes, forced displacements and forced labour. The criticism concerns among others investments in
987-491: The Regional Council of Burgundy from 1979 to 1983, where he worked alongside Pierre Joxe (1979-1982) and André Billardon (1982-1983). He followed Pierre Joxe to various other posts, serving as his chief of staff from 1984 to 1986 and again from 1988 to 1991. He then worked under Laurent Fabius while the latter was First Secretary of the Socialist Party (1992-1993), then as technical advisor to Jean-Jack Queyranne . In
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#17328800746601034-701: The Université libre de Bruxelles and the Vrije Universiteit Brussel , and made the local Gemeentekrediet into the financial enterprise Dexia . He died on 14 March 2013 in Meise . This business-related Belgian biographical article is a stub . You can help Misplaced Pages by expanding it . Dexia Dexia N.V./S.A. , or the Dexia Group , is a Franco-Belgian financial institution formed in 1996. At its peak in 2010, it had about 35,200 members of staff and
1081-565: The business bank Kempen & Co was bought and removed from the stock market for about €1 billion. The two acquired companies Labouchère and Kempen & Co were merged into Dexia Netherlands. This merger had to be undone however, because of an asset leasing affair that threatened to damage the reputation of Kempen & Co. The asset leasing affair left Dexia in The Netherlands in the end with so much negative publicity that it decided to reduce its Dutch activities. In 2004 Kempen & Co
1128-546: The campaign for a "yes" vote in the French referendum on the Treaty establishing a Constitution for Europe . In June, then in August 2006, he asked Jack Lang and Dominique Strauss-Kahn to withdraw their candidacy for president of France, and explicitly supported Ségolène Royal , becoming co-director of her campaign, along with Jean-Louis Bianco . Rebsamen was re-elected mayor of Dijon in
1175-577: The company also showed when it announced an early retirement from the State Guarantee in 2010. Dexia and La Banque postale , the bank subsidiary of the French postal services , reached an agreement in January 2011 about a cash transaction involving covered bonds worth €3 billion. This was presented for La Banque Postale as an investment at market conditions, and as an extra source of liquidity for Dexia. Alleged differences of opinion were reported at
1222-459: The early 1970s, Rebsamen was an active member of the Ligue communiste révolutionnaire , a militant group. He left in 1974. Following the 1989 French municipal elections , Rebsamen was elected president of the socialist caucus in the Dijon city council. In 1994, Rebsamen was elected to the Regional Council of Burgundy. In 1997 he ran in the legislative elections in the first district of Côte-d'Or , but
1269-598: The financial markets. Further losses are still possible on the remaining FSA portfolio. On 19 January 2009 Moody's lowered the credit rating for Dexia's long term obligations and saving accounts of the three banking parts of Dexia (Dexia Credit Local in France, Dexia Bank Belgium and Dexia Banque Internationale in Luxembourg) from Aa3 to A1. The rating agency also downgraded the Bank Financial Strength Rating for
1316-698: The financial services provider Bloomberg Dexia lost €78 million through the Ponzi scheme of Bernard Madoff . On 6 February 2010 Dexia could announce that the European Commission had, under certain conditions, approved of the restructuring plan that was necessary to justify the government support for Dexia and to prevent unfair competition: Vintage retail activities represented a bigger share in profits again in 2010; apart from Belgium and France, Turkey became very promising in this area. So much so that predictions were that Turkish staff would account for half of
1363-485: The first leftist to be elected mayor of Dijon since 1935, winning 52.14% of the vote and defeating Jean-François Bazin (RPR). He ran again for the legislature in 2002, but lost to Bernard Depierre (UMP), who succeeded Poujade. He was re-elected general councilor in March 2004, this time winning 62.5% of the votes. Rebsamen directed the Socialist Party's campaign for the March 2004 regional and cantonal elections, and in 2005 ran
1410-699: The list of ' The Global 100 Most Sustainable Corporations in the World'. Dexia was the third company from the financial sector on the list. Through its Israeli subsidiary, Dexia operates in certain Israeli settlements in the Occupied Palestinian Territories. Several Belgian and French NGOs mounted campaigns to attract attention to this. Leading ultimately in 2011 to concrete plans to sell the Israeli division, Dexia Israel Bank [ he ] . After his forced departure in October 2008, CEO Axel Miller
1457-505: The party's candidate for the 2012 presidential election . In 2012, Rebsamen opposed a government effort tried to prevent politicians from holding multiple posts, and said that if forced to choose between continuing as Senator or as Mayor of Dijon he would opt for the latter. In the 2014 municipal elections , Rebsamen was elected to his third term as Mayor with 52.84% of the votes, defeating Alain Houpert (UMP). On 2 April 2014, Rebsamen
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1504-462: The payout, but that its representatives on the board were outnumbered. Axel Miller's successor, Pierre Mariani , close to Nicolas Sarkozy , obtained a salary that is 30% higher than that of Miller. The board of directors unanimously accepted on 13 November 2008 to upgrade the yearly salary of the CEO to €1 million, and to fix the maximum bonus at €2.25 million. Miller's salary was €825,000, with
1551-580: The possible default of Heta Asset Resolution , a bad bank from the residual of Hypo Alpe-Adria-Bank International . Via the subsidiary Dexia Kommunalbank Deutschland A.G. (DKD), Dexia had a loan of €417 million to former Hypo Bank. Carinthia state government offered to buy back the senior bonds for 75% par value and 30% for subordinated bonds of Heta. Previously Carinthia had guaranteed the subordinated bond but later Austrian central government, as instructed by European Union, could not provide any more state aid. Moreover, Financial Market Authority of Austria used
1598-573: The power given by EU Bank Recovery and Resolution Directive , which bail-in the shareholders and subordinated bond holders. On the subsidiaries, Crediop would be run-off, Dexia Credito Local Mexico had been placed in a trust, Dexia Kommunalkredit Bulgaria was liquidated, Dexia Nederland and Dexia Luxembourg (ex-Dexia LdG Banque) abandoned their banking licenses. Dexia sells its 58.9% interest in Dexia Israel Bank in March 2018. In December 2018, German subsidiary Dexia Kommunalbank Deutschland (DKD)
1645-716: The rest of 2009, largely varying between €4 and €7.50. On 31 March 2010 Bloomberg reported that Dexia was one of the largest borrowers from the discount window of the United States Federal Reserve , having outstanding loans of over $ 30 billion. In February 2009 the bank announced net losses of 3.3 billion euros (approximately 4.2 billion US dollars) for 2008. The Dexia 2008 annual report mentions among others losses of €1.6 billion from selling FSA, €600 million on portfolios and €800 million on counterparties (including Lehman Brothers , Icelandic banks , and Washington Mutual ) According to
1692-534: The same year Banque Internationale à Luxembourg (for €730 million ) and DenizBank were sold. In January 2013 Dexia Municipal Agency was sold. It was reported in September 2013 that Dexia had entered into talks with New York Life Investment Management to sell Dexia Asset Management, which was completed on 3 February 2014. In 2013 SFIL was sold. ECB officials agreed on Thursday 22 May 2014 that Franco-Belgian bank Dexia would not have to demonstrate it could bear
1739-466: The second half of 2011, and an orderly resolution process began in October 2011. As part of the resolution, Dexia Bank Belgium was bought out from the Dexia group by the Belgian state and has continued to operate, since March 2012 under the new name Belfius . The French bank focused on local government lending was restructured as SFIL . The remaining part of the Dexia group was left in a "bad bank", still called Dexia, to be gradually wound down. In
1786-456: The socialist Mayor of Dijon and a French Senator, vacated his place on the board of Dexia Credit Local, while Antoine Rufenacht , UMP mayor of Le Havre , Philippe Duron , socialist mayor of Caen , and Christophe Bechu , president of Maine-et-Loire province stayed. At the end of 2008 Dexia sold the healthy parts of FSA, ceased its trading activities in Paris and trading on its own account in
1833-456: The three banks from C− to D+. On 5 March 2009 Dexia's share price fell to an all-time low of €1.21, a loss of over 90% in a year. A further restructuring plan was announced, with the firm aiming to concentrate on its primary activities, and to avoid risks on the financial markets. A total of 1,500 job cuts were announced, of which more than half were in Belgium, 260 in France, and the rest worldwide. Dexia's share price subsequently increased over
1880-568: The top of Dexia. More specifically about tensions between Belgian directors and the French CEO, Pierre Mariani, concerning on the one hand the deficitary investments that had been mostly done in the French division of Dexia, and the liquid funds that were above all present in Belgium. On 15 July the European Banking Authority , as part of its European bank stress tests, gave Dexia a clean bill of health, reporting that its tier 1 capital
1927-464: Was 12.1 percent, and would fall to 10.4 percent in 2012 under its "adverse scenario". This would make it one of Europe's safest banks. Dexia posted a €4 billion loss for the second quarter, the biggest in its history, after writing down the value of its Greek debt. On 4 October its shares fell 22% to €1.01 in Brussels, cutting its market value to €1.96 billion. Discussions were taking place about
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1974-575: Was appointed Minister of Labor, Employment and Social Dialogue in the government of Prime Minister Manuel Valls . This appointment led Rebsamen to resign from the post of Mayor of Dijon. While at the Ministry of Labor, he was nicknamed "Minister of Unemployment" owing to the high jobless rate. On 30 July 2015, after the death of Alain Millot, who had succeeded him as Mayor of Dijon, Rebsamen announced that he would run for that post again. On 10 August 2015, he
2021-479: Was contractually entitled to a 'golden parachute' of €3.7 million. This provoked protest from the French president Nicolas Sarkozy , and Miller subsequently renounced his bonus, leaving the matter to "the wisdom of the Board of Directors". The board eventually decided to pay him one year's salary (€825,000), thus ignoring Sarkozy's remarks. The French Ministry of Finance stated in April 2009 that it had voted against
2068-502: Was defeated by Robert Poujade , the mayor of Dijon. In the same year, he was named National Secretary of the Socialist Party at the Brest Congress , and became the party's deputy head, under his friend François Hollande . Rebsamen was elected in March 1998 as the general councilor of the canton of Dijon-5, winning 51.5% of the votes and defeating the incumbent, Pierre Barbier (RPR). In the 2001 municipal elections , Rebsamen became
2115-678: Was re-elected Mayor of Dijon, and a few days later he resigned his ministerial post. On 6 December 2016, he was offered the post of Minister of the Interior, which he refused because he preferred to remain Mayor of Dijon. Ahead of the Socialist Party's 2018 convention in Aubervilliers , Rebsamen publicly endorsed Stéphane Le Foll as candidate for the party's leadership. After being diagnosed with cancer, Rebsamen announced on 10 April 2018 that he would not be able to serve as Mayor of Dijon and President of
2162-461: Was sold for about €85 million, a fraction of the buying price, to its management, the Friesland Bank , NPM Capital and HAL Investments [ nl ] . Dexia Bank Netherlands still continues to unwind asset leasing contracts under the commercial name of Legio Lease, and the corresponding agreements and court cases. Dexia suffered a substantial loss in March 2008, after a ruling from
2209-603: Was sold to Helaba for €352 million. Dexia was a member of the BEL20 and CAC Next 20 indices . Dexia is also one of the components of the Euro STOXX and Euro STOXX Banks indices. Dexia's BIC codes are: Dexia had ambitious plans in the Netherlands, and took over Bank Labouchère from the Dutch insurer Aegon in August 2000 at the height of the market. On top of this, in 2001
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