Dexia knows his rescue bill
In extremis, the European Commission and the U.S. shareholders of Dexia have completed their rough Friday trading on the sacrifices that the Franco-Belgian bank will make. "This agreement ends a period of uncertainty extremely painful for the employees of the bank, welcomed yesterday Pierre Mariani, managing director, that is to say operating officer of Dexia.
In the fall of 2008, as Fortis, Dexia had found just hours after insolvent, unable to find markets daily cash needed to balance its balance sheet. Its shareholders (TFB French, Belgian holding parastatal) had flown to her rescue, and the French, Belgian and Luxembourg. Before the Commission, Dexia has also managed to restrict the amount of state aid to the only reviewed recapitalization States.This has helped limit the damage on the amount of concessions that are required of the bank.
Specifically, Dexia will in 2014 have reduced its balance sheet by 35% compared to what it was in late 2008. A goal that adds only a few assignments, relatively marginal to the restructuring plan prepared by management of Dexia itself: in addition to the scheduled liquidation of its bond portfolio, Dexia will divest its subsidiaries in Italy, Spain, Slovakia and insurance in Turkey.
For Pierre Mariani, the key challenge is won Brussels recognizes the viability of Dexia, and considered credible ability to survive without any government assistance free credit report and score . The operating loss year should reach 20 billion instead of 350 billion expected previously.
We have revised our forecast for 2009-2010 due to factors such as rising sales and cost reductions in all directions, "said in a statement the Executive Director Takahiko Ijichi Toyota."And our emergency plan to increase our profits grew faster than expected," he added.
Toyota said Thursday that the recall of several million vehicles worldwide due to problems of accelerator was going to cost between 170 billion and 180 billion yen (between 1.3 and 1.4 billion euros). The cost of the recall itself should reach about 100 billion yen, and the costs of declining sales that followed between 70 billion and 80 billion, said during a press conference the Chief Executive Toyota Takahiko Ijichi.
At the Tokyo Stock Exchange, Toyota shares ended Thursday on a further drop of 3.52% to 3280 yen. Since January 21, the group's market value has shrunk by almost 22%.