In this role, it conducts specialized transactions that have an exclusive purpose, as defined in articles L.513-13 and following of the Monetary and Financial Code.

In the case of Dexia MA, this specialization is reinforced by its own by-laws and by the July 23, 1999, authorization of the CECEI (Comité des établissements de crédit et des entreprises d'investissement), which limits its activity to transactions with public sector entities or entities they fully guarantee.

They issue covered debt securities called obligations foncières and contract other covered debt, which may or may not be traded on regulated markets, in order to finance the assets.

 All these issues of covered debt are characterized by a legal privilege that in priority allocates the sums from the Company’s assets to serve bond interest and reimbursement.

The asset surplus (assets exceeding obligations foncières and other covered debt), called over-collateralization, is financed by equity and by debt borrowed from Dexia Credit Local, its sole shareholder. This latter debt does not benefit from the privilege of the law on sociétés de crédit foncier, and is therefore subordinated to the covered debt.

Dexia MA is not allowed to hold any equity interest in other entities.