| For immediate release |
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The Federal Reserve Board on Monday announced the issuance of an Order of Assessment of a Civil Money Penalty against Dexia, S.A., Brussels, Belgium; Dexia Bank Belgium, S.A., Brussels, Belgium; and Dexia Credit Local de France, Paris, France. The three related foreign banks, without admitting to any allegations, consented to the issuance of the Order for failure to comply with the provisions of the Board's Regulation Y and with the condition imposed in writing in connection with the Board's granting of the banks' request to become financial holding companies requiring them to timely notify the Board if they fall out of compliance with standards for being financial holding companies. The Order requires Dexia, S.A., Dexia Bank Belgium, S.A., and Dexia Credit Local de France to pay a civil money penalty of $50,000. A copy of the Order is attached. |