Dexia reports more losses

Tim Wallace
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TROUBLED Franco-Belgian lender Dexia reported losses in 2012 yesterday, and forecast more to come through 2013.

The state-backed bank lost €2.9bn (£2.5bn) in the year, compared with €11.6bn in 2011.

It lost money on the sale of Turkish, French and Luxembourger units, as well as paying €743m in government fees for guarantees on borrowing.

Dexia hopes to reduce its losses to €950m in 2013 as fewer units are left to sell and as guarantee fees fall because the bank is shrinking its balance sheet.