Belgium will pay €4bn (£3.45bn) to buy Dexia Bank Belgium, the largely retail Belgian division, which has 6,000 staff and deposits totaling €80bn from 4 million customers.
Dexia also secured state guarantees of up to €90bn to secure borrowing over the next 10 years. Belgium would provide 60.5pc of these guarantees, France 36.5pc and Luxembourg 3pc.
The CEO only earned a couple of million euros in each of the past couple of years. Worth every penny!