Direct origination of loans in Dexia MA, as is generally the case for French loans;
Acquisition of loans and bonds originated by different entities of the Dexia Group: as is the case for Belgian loans and Italian securities;
Acquisition through internal securitization, created to transfer to Dexia MA Belgian loans and Italian securities;
Granting of loans to different entities of the Dexia Group guaranteed by assigment of receivables (Dailly assignment, Collateral Directive);
Acquisition of covered bonds issued by the Group entities. For example, this is the case of the Lettres de gage issued by Dexia LdG. It should be noted that such assets are classified as replacement assets, and are limited to 15% of privileged liabilities.
Breakdown of the cover pool by transfer mode as of December 31, 2011
