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Dexia Doesn’t Have Urgent Need for Taxpayer Funds, L’Echo Says

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July 14 (Bloomberg) -- Dexia SA doesn’t have an urgent need for additional taxpayer funds because its statutory equity still exceeded 50 percent of the share capital at the end of June under Belgian accounting rules, L’Echo reported, citing a person familiar with the matter.

A decision about additional funds for either Dexia or its French subsidiary Dexia Credit Local SA may have to be taken before the end of this year, the newspaper said, citing a Belgian government official it didn’t name. The annual cost of the fees Dexia has to pay for government backstops on its borrowings will reach almost 800 million euros ($980 million), eroding shareholders’ equity, according to L’Echo.

To contact the reporter on this story: John Martens in Brussels at jmartens1@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net

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