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The three decisions of the Tribunal de Grande Instance of Nanterre of 8 February 2013 is the latest episode in the French structured loans to public authorities saga.

The Tribunal de Grande Instance of Nanterre rejected the request of the department of Seine-Saint-Denis to annul the loans with structured interest rates which it had entered into with Dexia Crédit Local. However, the Court annulled the contractual interest rate of the structured loans entered into between the French department of Seine-Saint-Denis and Dexia, and replaced the contractual interest rate by the legal rate of interest (taux légal) which is a lower statutory rate (currently 0.04% p.a.) which applies to interest on unpaid judgment debt.

Dexia Crédit Local has lodged an appeal against the three decisions.

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