Annual report 2010 - Dexia.com

Notes to the consolidated financial statementsC. Assets and liabilities included indisposal groups held for saleYear 2009As required by IFRS 5, the assets and liabilities of DexiaEpargne Pension (DEP) have been recorded as a group heldfor sale as from 31 December 2009.On 9 December 2009, Dexia signed an agreement relating tothe sale of Dexia Epargne Pension to BNP Paribas Assurance.The transaction has been closed on 30 April 2010.The assets and liabilities included in the group held for sale are as follows: 2009Cash and cash equivalents 126Loans and advances due from banks 2Loans and advances to customers 377Financial assets measured at fair value through profit and loss 1,658Financial investments 2,066Other assets 66Non current assets held for sale 4,295Due to banks (109)Subordinated debts (108)Technical provisions of insurance companies (4,072)Other liabilities (43)Liabilities included in disposal groups held for sale (4,332)Net assets (37)DEPManagement reportConsolidatedfinancial statementsYear 2010There are no assets and liabilities transferred to disposalgroups held for sale as at 31 December 2010.D. Dexia banka SlovenskoOn 11 November 2010, in compliance with the DexiaGroup's strategic disinvestment plan, Dexia KommunalkreditBank (a 100% subsidiary of Dexia SA, via Dexia Crédit Local)concluded an agreement to sell its Dexia banka Slovenskosubsidiary (“DBS“) to Penta Investments Ltd.This agreement provides for:− the sale of the 88.7057% of DBS held by DexiaKommunalkredit Bank;− clauses amending the transaction (price, possibilities torescind) depending on the outcome of the Ritro litigation;− the purchase, by Dexia, of a portfolio of EUR 110 million inGreek securities that were previously acquired by DBS fromits parent company Dexia Kommunalkredit Bank, withoutany impact on DBS's net assets.The agreement also provides for funding adapting in such away as to guarantee the transition: funding currently receivedby DBS by nature of its being a Dexia Group subsidiary, andwhich would be changed on its exit from the Group, will bereplaced by guaranteed funding with maturities of up to twoyears. Other existing funding will be maintained for the fullterm.Considering the uncertainties – as at 31 December 2010 –surrounding the conditions for implementation of this agreement(Ritro litigation, authorisations and so on), it was decided, on31 December 2010, to keep DBS globally integrated. DBSwas also valued for provisioning on the basis of its long-termvalue (EUR 82 million); this gave rise to a depreciation of EUR3 million in compliance with IAS 36 “Impairment of assets“.Additional information Annual financial statementsAnnual report 2010 Dexia187