THE RESCUE of nationalised Franco-Belgian bank Dexia has cost the French state around €6.6bn (£5.7bn) so far and the bill could grow, its public audit office said in a report yesterday.
France and Belgium rescued Dexia, once the world’s largest municipal lender, last year over fears that a collapse of the crisis-hit banking group could have caused Lehman-style shockwaves across Europe. The bank has been bailed out three times.
“The cost to public finances has been significant, €6.6bn so far and risks will remain high for a long time,” the state auditor’s head, Didier Migaud, told a news conference.
City A.M. Reporter