page_title: 2008–2009 Belgian financial crisis
section_title: Dexia
hierarchical_section_title: 2008–2009 Belgian financial crisis / Bank crises / Dexia
caption_attribution_description: Nederlands: "Dexia bank wordt Delfius" op kantoor van (ex-)Dexia
context_page_description: The 2008–2009 Belgian financial crisis is a major financial crisis that hit Belgium from mid-2008 onwards. Two of the country's largest banks – Fortis and Dexia – started to face severe problems, exacerbated by the financial problems hitting other banks around the world. The value of their stocks plunged. The government managed the situation by bailouts, selling off or nationalizing banks, providing bank guarantees and extending the deposit insurance. Eventually Fortis was split into two parts. The Dutch part was nationalized, while the Belgian part was sold to the French bank BNP Paribas. Dexia group was dismantled, Dexia Bank Belgium was nationalized.
context_section_description: On 30 September 2008 the Belgian, French and Luxembourg governments said they would put in €6.4bn to keep Dexia afloat.
  The problems at Dexia stem in part from a multi-billion loan to troubled German bank Depfa and potential losses at its US subsidiary FSA. The Dexia board stated on 5 October 2008 that the capital addition by the governments would put it in a position in which it could deal with deteriorating market conditions, and that the credit risks associated with Hypo Real Estate and Depfa are only limited.
  Market conditioned worsened over the following years, generating losses. On the sale of FSA, due to the fall of Lehman brother and Icelandic banks and finally due to a large exposure to the Greek government-debt crisis.
  Eventually, in October 2011, the group was dismantled Dexia bank Belgium was bought by the Belgian federal government for 4 billion euro and changed its name to Belfius. Other healthy components were also sold off and the toxic assets remained in the Dexia Holding. Dexia holding is Europe's largest bad bank. Operating with the help of bank guarantees of the Belgian and French governments Dexia holding is tasked to minimize the losses on its toxic assets. 
  The holding is still generating large losses, which led Belgium and France to inject another €5.5 billion in 2012.
caption: Window ad announcing the name change of Dexia Bank Belgium
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