Noyer Says ECB Dexia Stress Test Exemption Unique and Sensible

Granting Dexia SA (DEXB) an exemption from some parts of the European Central Bank’s asset check is sensible because the lender is to be wound down, Banque de France Governor Christian Noyer said.

“It’s really not a question of making exceptions,” Noyer said today in Paris. “It’s about whether what we’re doing makes sense. Reviewing the assets makes sense. On the other hand, the stress tests that use extreme scenarios, because of the state guarantees, don’t make sense. It’s a unique case.”

After receiving two bailouts from French and Belgian taxpayers in the space of five years, Dexia got authorization for an orderly resolution from the European Union in December 2012. The ECB still included the ailing lender in its list of 128 banks to be subjected to an asset check and stress test before the Frankfurt-based central bank takes over financial supervision in November.

ECB officials decided yesterday to give Dexia an exemption from the the adverse scenario of its stress test, according to a report by Reuters. An ECB spokeswoman declined to comment on Dexia because the central bank doesn’t give details on individual institutions.

To contact the reporters on this story: Mark Deen in Paris at; Jeff Black in Frankfurt at

To contact the editors responsible for this story: Craig Stirling at Andrew Langley

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