Assets considered by current legislation as "replacement asset" correspond to debt securities and deposits sufficiently secure and liquid. They correspond to exposures on credit institutions benefiting at least from a minimal rating of AA- ("Step 1 rating"), or when their residual maturity does not exceed 100 days, a minimal rating of A- ("Step 2 rating"). Their total amount is limited to 15% of total privileged debt (obligations foncières and registered covered bonds for Dexia MA).

In this category, Dexia MA classifies the covered bonds issued by other Dexia Group entities and whose cover pool is composed of debt securities issued by public sector entities.