Subordinated debt

The characteristics of the Group’s subordinated debt instruments as at March 31, 2015 are detailed in the tables hereunder:
Tier 1 debt instruments
ISIN
Issuer
Booked amount
(in millions of EUR)
Coupon
Call date
Coupon applicable after the  call
FR0010251421
Dexia Crédit Local
56.25
4.30 %
18 November 2015
Euribor 3 months +
173 basis points
XS0273230572
Dexia SA
39.79
4.892 %
2 November 2016
Euribor 3 months +
178 basis points
 
Tier 2 debt instruments
ISIN
Issuer
Type of debt
Amount issued
(in millions of EUR)
Remaining amount
(in millions of EUR)
XS0284386306
Dexia Crédit Local
Lower Tier 2 2019
300
106.40
AT0000A0BJN2
Dexia Crédit Local
Lower Tier 2 2018
19.66
19.66
DE000DXA0SM3
Dexia Kommunalbank Deutschland
Lower Tier 2 2018
17.74
17.74
Loan 421002500
Dexia Kommunalbank Deutschland
Lower Tier 2 2018
17.70
17.70
 

Restrictions concerning the payment of coupons and the exercise of calls
 

Dexia’s revised orderly resolution plan includes certain restrictions concerning the payment of coupons and the exercise of calls on subordinated debt and hybrid capital from the Group’s issuers. In this way, Dexia is only required to pay coupons on hybrid capital and subordinated debt instruments if there is a contractual obligation to do so. Dexia cannot exercise any discretionary options for the early redemption of these securities.        
In addition, as announced by Dexia on 24 January 2014, the European Commission refused to authorise the Group’s proposal to repurchase the hybrid capital debt issued by Dexia Funding Luxembourg (XS0273230572), noting that the subordinated creditors must share in the financial burden resulting from the restructuring of financial institutions that have been granted State aid. The European Commission has also informed Dexia that it is authorised to communicate this information to the holders of this instrument and to the holders of financial instruments with identical characteristics. Financial instrument FR0010251421 issued by Dexia Crédit Local S.A. has similar characteristics.    
The European Commission requested that Dexia communicates that this decision relates to its own situation and does not mean that similar decisions will be taken in respect of such financial instruments issued by other European banks subject to orderly resolution plans under the supervision of the Commission.