Annual report 2005 - Dexia.com

DexiaPublic/Project Finance and Credit EnhancementBelgiumNeworiginations(in millions of EUR)l llllllllllllllllllllllllllllll ll l20043,939l llllllllllllllllllllllllllllll ll l20055,290Long-termcommitments(in millions of EUR)l llllllllllllllllllllllllllllll ll l200425,511l llllllllllllllllllllllllllllll ll l200528,356telecommunications, etc.). Furthermore, fiveprojects in which Dexia intervened receivedthe accolade “Deal of the Year 2005” fromthe financial magazine Euromoney. Suchawards are a recognition of projects which areparticularly innovative in their financing inthe fields of transportation (renovation of theMadrid ring road), water (irrigation networkAigües del Segarra-Garrigues in Catalonia, saltwater desalination plant in Chile), and energy(factory for the liquefaction of natural gas,RasGas 2&3, in Qatar, wind farms developedby Invenergy in the United States). We alsonote that the Madrid ring road project hasbeen declared “Deal of the Year 2005” byInfrastructure Journal, all sectors and countriescombined. For the third consecutive year,the same magazine gave Dexia the prize of“Renewable Arranger of the Year 2005”, inrecognition of Dexia’s very considerableactivity in the field of financing wind energy.Financial Security Assurance, the NorthAmerican subsidiary of Dexia specializingin credit enhancement for municipal bondsand asset-backed securities, realized anexcellent volume of gross present value (PV)originations at USD 1,014 million, up 9.4%on 2004.BelgiumDexia had a great year in 2005 on the Belgianmarket.At public sector level, long-term outstandingcommitments reached EUR 26 billion atyear-end 2005, up EUR 1.7 billion, or anincrease of 7% over year-end 2004. Althoughit might appear modest in absolute terms,this growth rate is however appreciable, giventhe maturity of the Belgian market and thehistorically prominent position of Dexia Bankon this market. The rise is reflected, to variousextents, by increases of amounts outstandingin the majority of segments of the localsector. The proportion of intermunicipalassociations, especially those active in theenergy sector, were preponderant andcontributed an amount of EUR 874 millionwhilst that of other local operators andparticularly housing associations amounted toEUR 689 million.In 2005, with the public sector, long-termoriginations amounted to EUR 3.8 billionagainst EUR 3.0 billion in 2004, and thusshows a healthy increase of 29%. Activityon the client segment of municipality,provinces and intermunicipal associationsmade a particular contribution of 35%(EUR 578 million) and also that of other localoperators of 27% (EUR 230 million).56