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<strong>Annual</strong> Report <strong>2005</strong>• IsraelAt year-end <strong>2005</strong>, the long-term outstanding<strong>com</strong>mitments of Otzar Hashilton Hamekomi(OSM), the Israeli subsidiary of <strong>Dexia</strong>, wereEUR 473 million, up 45% on year-end 2004.The originations achieved over the course of<strong>2005</strong> amounted to EUR 172 million, morethan double the volume achieved in 2004.The call for tenders launched in Marchby the Public Powers for the financing of80 municipalities in the recovery plan enabledOSM on the one hand strongly to increaseits activity with major cities and on the otherhand to redeploy its activity among small andmedium-sized authorities.• Asia-PacificAt year-end <strong>2005</strong>, global long-termoutstanding <strong>com</strong>mitments to the Australiansubsidiary were EUR 286 million and longtermoriginations show a rise of 30% to EUR159 million against EUR 110 million in 2004.Operating from Sydney, <strong>Dexia</strong> activity isconcentrated on the financing of infrastructurein Australia, principally in the energy sector.The year <strong>2005</strong> was marked in particular by thesignature of a first mandate as lead managerfor the financing, in the total amount ofAUD 403 million, of a project relating to a gaselectricity power station situated in the west ofthe country.IsraelNeworiginations(in millions of EUR)l llllllllllllllllllllllllllllll ll l200474l llllllllllllllllllllllllllllll ll l<strong>2005</strong>172Long-term<strong>com</strong>mitments(in millions of EUR)l llllllllllllllllllllllllllllll ll l324l llllllllllllllllllllllllllllll ll l4732004<strong>2005</strong>71
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