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’First loss for French finance house
Caisse des Dépôts et Consignations, France’s state-owned finance house, on Thursday unveiled its first loss since it was founded in 1816. CDC recorded a 2008 net loss of €1.47bn ($1.9bn) after making provisions of €3bn on its assets;
Dexia in further writedowns
Further impairments of its US loans portfolio drove worse-than-expected losses at Dexia, the Franco-Belgian bank that was one of the first banks to receive a government bail-out. Dexia, which lends to local governments,
Brussels approves state aid to Dexia
The European Commission has approved the financial guarantee arrangements provided to Belgium-based Dexia by the governments of France, Belgium and Luxembourg after finding them compatible with EU state aid rules.
Dexia gains Belgian bank guarantee
The Belgian government on Thursday offered to guarantee all new bank financing for one year after it joined forces with France and Luxembourg for the second time in a fortnight to come to the aid of Dexia,
Dexia investors discuss bank’s future
State and private shareholders in Dexia, the Franco-Belgian bank, were in talks Wednesday night about the bank’s future following a third day of pressure on the group’s share price. Speculation about Dexia’s future has continued despite a €6.4bn bail-out last week by the French,
Dexia gains new chairman, CEO
Pierre Mariani, an executive at BNP Paribas, will become the new chief executive of Franco-Belgian bank Dexia, Belgian Prime Minister Yves Leterme said Tuesday, reports Reuters. Former Belgian premier,
BNP to take control of Fortis
BNP Paribas, the French bank, will take control of the remaining assets of Fortis after the Belgian government was forced to find a buyer following the shock Dutch nationalisation on Friday of its part of the troubled Belgo-Dutch banking and insurance group,
Dexia receives €6.4bn capital injection
Dexia, the Franco-Belgian bank that specialises in local authority finance, became the latest bank hit by the credit crunch to be bailed out by government funds. On Tuesday received a €6.4bn ($9bn) cash injection from the Belgian,
CDS report: Lloyds TSB and HBOS under pressure
Credit default swaps referencing Lloyds TSB and HBOS came under pressure on Tuesday as doubts about the agreed merger between the banks rose and stock prices fell.
The cose to insure the senior debt of HBOS rose to 350 basis points from around 300bps at the end of last week,
Dexia rescued
Dexia, following in the footsteps of Fortis yesterday, is to receive a €6.4bn cash infusion from the French, Belgian and Luxembourg governments.
Some Dexia stats (Q2 results here):
Assets under management c.
Investors flee European lenders
European bank stocks suffered heavy selling on Monday as investors worried over their ability to raise capital and the fate of equity and debtholders in any future bail-outs. Some of Europe’s top banking names suffered falls of more than 15%,
Too little too late?
The Tarp is soon to arrive, but markets on Monday are waking up to the fact that it may be too little, too late.
CAC: -3.3%
DAX: -2.9%
FTSEurofirst 300: -2.5%
There’s a broad sell off on the FTSE 100 this morning – down 3 per cent at one point in the first hour of trade.
Dexia injects $300m into monoline arm
Dexia, the Belgian-French financial group, aims to protect its triple A rating by injecting $300m into its US bond insurance arm and stopping writing protection on complex structured debt, the company said Wednesday.
Bond insurers face downgrade
Shares in Dexia and Assured Guaranty fell sharply Tuesday in response to a warning by Moody’s that it might cut the triple A credit ratings of their bond insurance operations. Fears of a further round
Ackman watch: waking up to FSA
Not, in fact, the UK’s financial services authority, but Financial Security Assurance Inc. A monoline.
Moody’s placed FSA on review for downgrade after US market close on Monday. Joining FSA on the monoline downgrade death spiral was Assured Guaranty.
Les menaces monolines
Unfortunate news for Belgian-French bank Dexia today as monoline FSA draws down on a $5bn credit line.
Such is the power of Ackman.
But there’s monoline pain elsewhere in francophone Europe. Take Credit Agricole.
Dexia shores up its US monoline
Dexia, the Belgian-French financial services group, acted to bolster confidence in its US bond insurance division by providing a $5bn credit line to the subsidiary. The move comes after hedge fund manager Bill Ackman last week revealed that his $6bn Pershing Square Capital Management fund was betting against Dexia’s FSA unit.
ACA wins more time; as Dexia tries to reassure on Ambac
Surprise! ACA has survived the weekend.
The bond insurer, which was last month the first of its ilk to have its top notch credit rating slashed, said late on Sunday that it had convinced its trading partners to give it more time to raise capital and to stabilise its financial position.
Dutch bank merger speculation swirls — now ING, Fortis in the frame
The permutations are endless and, as far as the markets are concerned, every Dutch/Belgian bank is now in play. The leading names in the frame, in descending order of market cap, are ING (€71bn), ABN Amro (€60bn),