Enforcement actions - Announcements - South Dakota, Belgium - Brief Article

Federal Reserve Bulletin, Feb, 2002

The Federal Reserve Board on December 28, 2001, announced the execution of a written agreement by and among the First State Bank of Warner, Warner, South Dakota, the Federal Reserve Bank of Minneapolis, and the State of South Dakota Division of Banking.

The Federal Reserve Board on January 14, 2002, announced the issuance of an order of assessment of a civil money penalty against Dexia, S.A., Brussels, Belgium; Dexia Bank Belgium, S.A., Brussels, Belgium; and Dexia Credit Local de France, Paris, France.

The three related foreign banks, without admitting to any allegations, consented to the issuance of the order for failure to comply with the provisions of the Board's Regulation Y and with the condition imposed in writing in connection with the Board's granting of the banks' request to become financial holding companies, requiring them to notify the Board in a timely way if they fall out of compliance with standards for being financial holding companies.

The order requires Dexia, S.A., Dexia Bank Belgium, S.A., and Dexia Credit Local de France to pay a civil money penalty of $50,000.