Dexia, which accepted a state-led break-up and the nationalisation of its Belgian banking arm in October, said it would not pay a dividend and also did not plan to pay a coupon on its hybrid debt.

There are echoes of Fortis, once the largest bank in the Benelux, which was carved up during the height of the financial crisis in October 2008 and reported a 28 billion euro loss for that year. Fortis lives on as Belgian insurer Ageas