Presentation (correction slide 18) - Dexia.com
Presentation (correction slide 18) - Dexia.com
Presentation (correction slide 18) - Dexia.com
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Financial Products portfolio<br />
Financial Products portfolio<br />
Financial Products portfolio (June 30 th , 2010)<br />
Financial<br />
Products<br />
USD 14.6 bn<br />
Guaranteed<br />
assets<br />
USD 10.3 bn<br />
Excluded<br />
assets<br />
USD 4.3 bn<br />
Impairment methodology<br />
According to IAS 39, bonds with cash<br />
shortfalls expected in the short-term must<br />
be impaired<br />
For securities reclassified in L&R (such as<br />
FPs), impairments include both credit and<br />
liquidity <strong>com</strong>ponents, leading to a level of<br />
provision exceeding the future expected<br />
losses<br />
Excluded assets – View by rating (June 30th, 2010)<br />
AA<br />
16,2%<br />
AAA<br />
50,5%<br />
NIG<br />
0,2%<br />
A<br />
11,3%<br />
BBB<br />
21,8%<br />
Total amount of provisions of USD 2.02 bn<br />
as of June 30 th , 2010 exceeding expected<br />
losses by USD 781 m<br />
Even with a stabilized level of risk, further<br />
specific impairments should be expected<br />
for the next quarters, leading to a larger<br />
buffer on expected losses<br />
40
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