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The Commission has temporarily approved the measure until 30 September 2012 in order to preserve financial stability, and will take a final decision on its compatibility with EU state aid rules when it has finalised its assessment of Dexia's resolution plan.
Belgium, France and Luxembourg have granted temporary guarantees to cover Dexia's refinancing measures with a maturity of a maximum of three years, for a maximum nominal value of €45 billion, now extended to €55 billion, jointly and non-severally, by Belgium (60.5 per cent), France (36.5 per cent) and Luxembourg (3 per cent). The purpose of the guarantee and of its current increase is to enable the bank to finalise its orderly resolution plan and to preserve the financial stability of the Member States concerned, given the systemic importance of Dexia SA. On 31 May 2012, the Commission extended the temporarily approval of the guarantee until 30 September 2012.
However, at this stage, the Commission has doubts that the measure is compatible with EU rules on state support for banks during the crisis, in particular because this new state support comes in addition to massive aid already granted in the context of Dexia's restructuring plan and potential further aid in the context of Dexia's resolution plan. The Commission will take a final decision on the temporary guarantee as part of its final assessment of the orderly resolution plan of Dexia.