Neelie Kroes is more determined than ever to find

A race against the clock. Open a year ago, talks with Brussels have really begun until January 2010. Slow who played for the leaders of Dexia, throughout the last year: it allowed them to take advantage of restructuring ahead of the schedule and, in fine, of several quarters of results in improvements. Remained to complete an agreement before the departure of Neelie Kroes.

Early January: contacts intensified

A few weeks the Commission change the exchanges become both more intense and more regular. One part by far. Since September, the current poorly passes between Dexia leaders and the head of the "case team", the team of six or seven people to examine the record to the General Directorate for competition. He who has already dealt with WestLB and Hypo Real Estate records is tempted to inspiration to create a new "bad bank". Poor contact also with the Director of the "task force" of experts, in the Direction of the competition, following financial records.

Friday, January 22: the idea of Didier Reynders

That day, Director of Deputy cabinet of Christine Lagarde, Jacques the Pope, and the support of the interests of the State Counsellor, Jeremiah Dutray, are moving in Brussels for a first meeting at the Berlaymont, the building, seat of the Commission. Their Belgian and Luxembourgish counterparts are there, and the Chief Executive Officer of Dexia, Pierre Mariani and his right arm Alexandre Joly. At this point, Brussels has again dismissed nor the scenario of an affiliation or that of a decommissioning through the creation of a "bad bank". Driven by the Belgian Minister of finance Didier Reynders, who wants to hear about one or the other, a third way emerged. The extinction of the portfolio of loans in "run" off will be driven under the close supervision of the Commission without creating an ad hoc structure. Dexia will have to go to gradually extend its refinancing in accordance with a series of terms of appointment to the Commission. Tuesday 26, Didier Reynders sees Neelie Kroes to examine to what extent such a mechanism will be sufficient. 28, ING announced its decision to appeal against the decision of the Commission on its restructuring plan. Neelie Kroes is more determined than ever to find. But showing also strong for the Dutch bancassureur.

Sunday, January 31: the coup de pouce Matignon

New meeting in Brussels on 29 January, on the same format. Pending subjects are passed in review, but with no significant progress. Sunday 31, Matignon is in blends. Alerted by the entourage of Neelie Kroes on the bad turn of events, Antoine Gosset-Grainville convenes in his Office, in early evening, Pierre Mariani, Alexandre Joly, Jacques the Pope and Jeremiah Dutray. The objective of this Summit: validate all of the commitments which will be forwarded to the European Commission the following day, Monday 1 February. "In view of the time, could no longer afford to go in the wrong direction", says one of the participants.

The contacts are accelerating. On Wednesday evening, when the Pope and Alexandre Joly Jacques out of the Opera Bastille where they met by chance to hear Natalie Dessay sing "la Sonnambula", Bellini, they spin at Bercy for a new conference call between the representatives of the States and Dexia branch. Everyone is confident: an agreement could be concluded the following day.

Thursday, February 4: the last doubts in Brussels

That day, but everything is questioned. The car which takes Jacques the Pope to the gare du Nord to the deal in Brussels did not 300 metres that Neelie Kroes calls Christine Lagarde to cancel the meeting scheduled for 5 p.m. at the Berlaymont. It is 14: 40 when the leaders of Dexia are made aware. Anthony Whelan, Chief of cabinet of Kroes, calls Antoine Gosset-Grainville to reassure him: the Commissioner always wants to find a "deal". But she prefers to repeat the point with its services that organize a meeting may not be conclusive.

Dexia accuses the Commission of hardened its positions. Brussels criticized Dexia to be too greedy leaders and his counsel to be too picky.

Friday, February 5: an agreement just in time

Telephone contacts resumed in the afternoon and intensified on the evening of Thursday. Upset that the Chief Executive Officer of Dexia is physically located in the Office of Christine Lagarde, Neelie Kroes scoffs "the indispensable Mr. Mariani. The Exchange will continue up to 1 hour of the morning with Thibaut Kleiner, charge of the case to the cabinet of Neelie Kroes. Dexia leaders are willing to give the very profitable Spanish subsidiary Sabadell "on condition that an agreement be concluded." This grant will be for the European Commission "the cherry on the cake", pleasant Christine Lagarde. Disposals of subsidiaries Italian Crediop and Slovak Banka Slovensko were already on the table since December 17.

Only three issues outstanding: the modalities for improvement of the refinancing of the Bank, still under discussion, the prohibition to carry out acquisitions, on which Dexia will seek in vain for flexibilities to the last moment, and the prohibition to pay dividends in cash over two years, it is important to still accept public shareholders. On Friday, after two hours of sleep, Pierre Mariani and Alexandre Joly stand lights to catch the 7: 25 pm Thalys to take them to Brussels convince the common Belgian Dexia shareholders waive any dividend in cash. "Individuals on the track" delaying the departure of the train, which left Paris with an hour and a half of delay. The meeting will still take place.

Last adjustments: the two camps are not agree on the figures that mathematical models have to recalculate in the night. Two shots of wire of Christine Lagarde to Neelie Kroes, with which it maintains good relations, will lift the last doubts of the Commission and the agreement four days before the Commissioner ends its mandate. The first shortly before noon, the second less than half an hour later. It is time: the Minister of finance must fly at 14 h 30 for the Canada.