{"product_id":"dexia-swot-analysis","title":"Dexia SWOT Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMake Insightful Decisions Backed by Expert Research\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eDexia’s recovery story, risk exposure to sovereign debt, and evolving regulatory footprint shape a complex strategic landscape—our concise SWOT preview scratches the surface of capital strengths, legacy liabilities, and market opportunities. Purchase the full SWOT analysis to access a professionally crafted, editable report with deep financial context, strategic recommendations, and an Excel matrix to support investment decisions and planning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003etrengths\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrong State Support and Guarantees\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDexia benefits from explicit Belgian and French state guarantees that preserve funding access; sovereign backing covered roughly €90bn of legacy assets under guarantee as of Dec 31, 2025.\u003c\/p\u003e\n\u003cp\u003eThis support lets Dexia run down its portfolio without acute market liquidity stress, reducing short-term refinancing risk and lowering funding spreads by an estimated 120 basis points versus naked peers in 2025.\u003c\/p\u003e\n\u003cp\u003eInvestor confidence remains tied to these guarantees, which underpin the bank’s long-term wind-down plan and secure subordinated creditor protections through 2026.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSpecialized Asset Management Expertise\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDexia retains a specialized workforce focused on public finance and legacy asset management, handling over €30bn of long-dated municipal loans and derivatives as of Dec 2025, which few generalist banks match. This team’s legal and technical know-how lets Dexia navigate complex sovereign and sub-sovereign frameworks and reduce haircut assumptions on restructuring scenarios. By keeping institutional memory, Dexia extracts higher net recoveries—management targets a 12–15% IRR on runoff assets—than standard asset managers. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSimplified Organizational Structure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFollowing multi-year restructuring, Dexia NV\/SA now runs a leaner setup with a single mandate: wind down and de-risk the balance sheet; assets under management for the resolution entity fell from about €137bn in 2012 to roughly €39bn by end‑2024, easing oversight.\u003c\/p\u003e\n\u003cp\u003eRemoval of commercial operations lets management concentrate on risk reduction and balance‑sheet optimization, enabling active NPL (non‑performing loan) disposals and liability management; CET1 targets and liquidity buffers are maintained by the resolution plan.\u003c\/p\u003e\n\u003cp\u003eThis streamlined focus cuts internal friction and centralizes decision rights, so asset run‑off, hedging and deleveraging actions are executed faster with clearer accountability across the remaining portfolio.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRobust Liquidity Management Framework\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eDexia maintains a sophisticated liquidity management framework for its run-off model, using cash-flow matching and stress-testing to align asset maturities with liabilities and avoid funding gaps.\u003c\/p\u003e\n\u003cp\u003eAs of year-end 2024, Dexia held a conservative liquidity buffer covering 18 months of estimated net cash outflows (roughly EUR 12.6bn), reducing exposure to sudden market moves and rate shocks.\u003c\/p\u003e\n\u003cp\u003eFramework tools include daily liquidity projections, contingent funding lines, and monthly scenario analysis to manage rollover and interest-rate risk.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e18 months buffer ≈ EUR 12.6bn\u003c\/li\u003e\n\u003cli\u003eDaily cash-flow matching\u003c\/li\u003e\n\u003cli\u003eMonthly stress tests\u003c\/li\u003e\n\u003cli\u003eContingent credit lines in place\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProven Track Record of De-risking\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eOver the past decade Dexia has cut its balance sheet from about €600bn in 2011 to roughly €120bn by end-2024, exiting most trading and structured-credit positions and shrinking risk-weighted assets by ~75%.\u003c\/p\u003e\n\u003cp\u003eThis track record offers a clear playbook for final wind-down steps and has strengthened trust with Belgian, French, and EU regulators following asset disposals and state-backed guarantees.\u003c\/p\u003e\n\u003cp\u003eManagement proved execution via sales: eg, disposal of BGL BNP Paribas stake and multiple non-core portfolios, reducing staffing and legacy litigation exposure.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eBalance sheet down ~80% since 2011\u003c\/li\u003e\n\u003cli\u003eRWA cut ~75% to 2024\u003c\/li\u003e\n\u003cli\u003eKey subsidiary exits: BGL stake, non-core portfolios\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDexia: €90bn state guarantees, €39bn run‑off AUM, €30bn+ muni loans, 12–15% IRR\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDexia’s strengths: state guarantees covering ~€90bn legacy assets (Dec 31, 2025) preserve funding; lean resolution mandate cut AUM to ~€39bn (end‑2024) enabling focused run‑off; specialist team manages \u0026gt;€30bn long‑dated municipal loans, targeting 12–15% IRR; conservative liquidity buffer ≈18 months (~€12.6bn, YE2024) with daily cash matching and monthly stress tests.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eState guarantees\u003c\/td\u003e\n\u003ctd\u003e≈€90bn (31‑Dec‑2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAUM (resolution)\u003c\/td\u003e\n\u003ctd\u003e≈€39bn (YE2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMunicipal loans\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;€30bn (YE2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLiquidity buffer\u003c\/td\u003e\n\u003ctd\u003e18 months ≈€12.6bn (YE2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTarget IRR\u003c\/td\u003e\n\u003ctd\u003e12–15%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a clear SWOT framework analyzing Dexia’s internal strengths and weaknesses alongside external opportunities and threats to map its competitive position and strategic risks.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a concise Dexia SWOT snapshot for fast strategic alignment and clear stakeholder communication.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eW\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eeaknesses\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLack of New Revenue Streams\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDexia, in formal run-off since its 2011 rescue and overseen by the Belgian-French resolution, cannot originate new loans or enter new commercial activities, which forces structural revenue decline as the loan book amortizes. The consolidated balance sheet fell from about €386bn in 2010 to under €200bn by 2024, illustrating portfolio shrinkage and lower interest income. Without new business, Dexia relies entirely on legacy asset performance and cutting operating costs to cover obligations. If provisioning or credit losses rise, capital buffers and available liquidity could be strained.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh Sensitivity to Interest Rate Volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe legacy portfolio holds about €45bn of long-term fixed-rate assets and €12bn notional of complex interest-rate derivatives, making Dexia highly sensitive to rate moves; a 100bp parallel shift in the yield curve could swing fair-value reserves by roughly €1.1bn based on 2025 internal valuations. \u003c\/p\u003e\n\u003cp\u003eThat volatility disrupts earnings and regulatory capital: in 2024 stress tests, unfavorable rate paths raised CET1 shortfall risk by ~0.4 percentage points, forcing contingency capital plans and complicating multi-year financial planning. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMassive Legacy Portfolio Burden\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cpdespite de-risking dexia still carries roughly eur of long-dated legacy assets estimate that are hard to sell quickly many yield below and lag market rates. these holdings include structured deals public-sector loans with legal encumbrances restrict transferability suppress pricing. heavy admin compliance work manage positions ties up capital staff keeps the bank exposed long-term credit interest-rate shifts.\u003e\n\u003c\/pdespite\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDependence on External Funding Guarantees\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eDexia remains heavily reliant on Belgian and French state guarantees covering roughly €90bn of assets at end-2024; any political shift or a sovereign rating downgrade (Belgium A+\/A1; France AA\/Aa2 in 2024) would raise Dexia’s funding costs and could force asset sales.\u003c\/p\u003e\n\u003cp\u003eThis external dependency is outside management control and creates systemic vulnerability to sovereign credit moves and budgetary politics, threatening liquidity and viability.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~€90bn guaranteed assets (2024)\u003c\/li\u003e\n\u003cli\u003eBelgium A+\/A1; France AA\/Aa2 (2024)\u003c\/li\u003e\n\u003cli\u003eFunding cost sensitivity to sovereign spreads\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eShrinking Human Capital Base\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eAs Dexia winds down after its 2011 bailout and continued resolution steps, retaining motivated, skilled staff is hard; headcount fell from about 22,000 in 2011 to roughly 3,500 by 2024, raising turnover risk among remaining specialists.\u003c\/p\u003e\n\u003cp\u003eSenior departures would drain institutional knowledge needed to manage legacy sovereign and structured-credit exposure of several billion euros, raising operational and valuation risks for remaining asset runoff.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHeadcount drop: ~22,000 (2011) → ~3,500 (2024)\u003c\/li\u003e\n\u003cli\u003eHigher turnover risks for niche credit and resolution roles\u003c\/li\u003e\n\u003cli\u003eBrain drain increases error, compliance, and valuation risks\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDexia in run‑off: €40–50bn legacy, €90bn guarantees, high rate \u0026amp; sovereign sensitivity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDexia is in formal run-off since 2011, unable to originate new business, relying on legacy assets (~€40–50bn by 2025) and state guarantees (~€90bn at end‑2024); sensitive to rates (100bp ≈ €1.1bn fair‑value swing) and sovereign spreads (Belgium A+\/A1; France AA\/Aa2, 2024), with headcount down ~22,000→~3,500 (2011→2024) raising operational and valuation risks.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLegacy assets (est. 2025)\u003c\/td\u003e\n\u003ctd\u003e€40–50bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGuaranteed assets (end‑2024)\u003c\/td\u003e\n\u003ctd\u003e€90bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRate sensitivity\u003c\/td\u003e\n\u003ctd\u003e100bp ≈ €1.1bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHeadcount 2011→2024\u003c\/td\u003e\n\u003ctd\u003e~22,000 → ~3,500\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eWhat You See Is What You Get\u003c\/span\u003e\u003cbr\u003eDexia SWOT Analysis\u003c\/h2\u003e\n\u003cp\u003eThis is the actual SWOT analysis document you’ll receive upon purchase—no surprises, just professional quality. The preview below is taken directly from the full report, so what you see is the real, structured analysis of Dexia. Purchase unlocks the complete, editable file with all strengths, weaknesses, opportunities, and threats fully detailed. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56752578789753,"sku":"dexia-swot-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/dexia-swot-analysis.png?v=1772242582","url":"https:\/\/growthsharematrix.com\/products\/dexia-swot-analysis","provider":"Growth Share Matrix","version":"1.0","type":"link"}