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€300-million pulled from Dexia bank

6 Oct 2011

At least €300-million has been pulled from the Franco-Belgian Dexia Bank as worried investors removed their money from accounts. Belgium's central bank has assured account holders that they need not fear as the bank will be "fully supported" by France and Belgium.

Fin24 reports that the withdrawals are a fraction of the amount that was pulled from the bank in 2008 when panicking account holders withdrew their funds. The bank is currently being restructured and is working with the governments of France and Belgium to ensure its funds are safe.

The two countries have guaranteed the funds deposited with Dexia.

Shares in the bank dropped by 37% earlier this week despite the statements of support from the French and Belgian Finance Ministers. Much of Dexia's business has been linked to financing for both governments.

Read the full article on www.fin24.com.