Dexia reports €1 billion loss for 2013

Thursday 20 February 2014 12.36
Dexia said its results in line with forecasts made for the winding up of the business
Dexia said its results in line with forecasts made for the winding up of the business

French-Belgian bank Dexia, twice bailed out and now being closed down in a state-funded programme, today reported a net loss of over €1 billion for 2013.

The 2013 net loss of €1.08 billion euros was less than half 2012's €2.86 billion.

In 2011, the bank suffered a massive loss of €11.63 billion, sparking a second rescue by the French and Belgian governments who first bailed it out in 2008 as the global financial crash spread.

Dexia said the 2013 results were in line with forecasts made for the winding up of the business.

In 2012, Dexia  obtained approval from the European Commission to continue unwinding its activities over several decades rather than going into immediate liquidation.

Last year, French government auditors estimated that the bank's rescue had cost Paris €6.6 billion, with Belgium likely facing a similar bill.