With what strong argumentsI see at least three

According to the Managing Director of Dexia, Pierre Mariani, the benefit of the French-Belgian Banking Group is an important step in its transformation plan, which will translate 900 deletions of posts this year.

How to place the Group transformation plan

We have a very important step in the first quarter. Our return to the benefit checks the relevance of our hearts by trade. Despite the still very important impact of the crisis, all of our major activities demonstrate a good recipient capacity, except in Belgium insurance, which was penalized by the decline in market shares. We are on the path set for mid-November for the reduction of our risk profile, the restoration of our liquidity situation, the focus on our customer database and reducing our costs.

And how go - convince you the European Commission, which has launched an in-depth investigation into Dexia

First of all, a significant part of the aid received by Dexia was granted by historical shareholders. Then we refocus our financing activity of the public sector on a few large European countries. I welcome also all days of the release of KommunalKredit Austria late October, which has avoided to Dexia additional loss of EUR 1.2 billion in the last quarter of 2008. With the redefinition of our perimeter and the restructuring of our activities, we have absorbed the impact of the crisis for more than four months in early 2009: we now have the opportunity to demonstrate to the European Commission that our model is sustainable in the medium term.

With what strong arguments

I see at least three. A lending in the strict sense is only a share of revenues from our pole of financing of the public sector a little more than a third in Belgium. Two, it is normally for the uplift of margins at the first quarter. Three, the cost of the risk is almost non-existent and little is consumer of own funds. We are however still two things to realize: participate in restarting the "covered bonds" market and enrich our "business model" to provide to the community of products other than loans, as we do already Belgium.

Your market share would be not threatened by the creation of an agency to refinance communities in France

Where they exist in Europe, these agencies have found across the same problem: there is a difference between their cost of funding and the States. The creation of an agency would not suffice to alter the terms of the financing of the communities.

Therefore, you are still opposed to a split of the Bank of detail and those of the public sector funding activities

The demerger of Dexia is not the solution. Our transformation plan is also a development plan and we continue to invest in our distribution network in Belgium. To finance this effort and to compete, Dexia Bank has need to be profitable and generate the cash flow. The group membership allows him to do what she could do only in "stand alone". The arrival on the Belgian market to an international player such as BNP Paribas supports me in this analysis.

Will you have to decide on additional assignments As things move in such areas as management or conservation.

We do not purely financial motivation because we are not under stress. The own funds of the group are strong and I wish to emphasize that we have no discussions with any government whatsoever on a further capital contribution. The situation of the markets does not lend itself to assignments because assets is low but we observe what is happening around us. There are discussions and we are ready to demonstrate the relevance of our alliances and to look at things with a view to industrial. Our partnership with Royal Bank of Canada in conservation is and remains very creative value.

What of your liquidity situation

Our situation is improved in the first quarter but it is not yet completely restored. The recent announcements of the European Central Bank are extremely positive from our point of view, in particular to restore confidence in the market of the "covered bonds" (Editor's Note: land and related obligations), which is the preferred tool of financing long term of local communities. "spreads" also decreased in a few days of extraordinarily high way.

Is this a sign that the financial crisis is going to end

Joint action of States and the Central Bank stabilized the financial environment away from a crisis of liquidity or the failure of a banking institution. However, the macroeconomic situation remains extremely worrying. It exposes the banking sector to increase the cost of the risk in the coming months. This requires we increased vigilance even if we will have the composition of our portfolio which most concerns the public authorities.

Belgian Dexia unions are pointing the finger at your remuneration. What was your reaction

Dexia has decided to comply with the best compensation practices, as we announced it already several weeks ago. I understand the emotion and the interest of the public to these issues, but the issue has been decided by the Committee on the remuneration of the Board of Directors. My task is difficult and exciting. I left my job, my family, my place of residence to come to Brussels and I spend every hour of my day for eight months to contribute to the 35,000 employees of the Group found a future lost 8 2008 and I am proud to do so.