Dette brev byggede på elementer, der antydede, at Arcofins deltagelse i rekapitaliseringen af Dexia reelt kunne tilskrives den belgiske stat som følge af den forsikring, som denne havde givet om, at den garanterede enkelmedlemmers andele i godkendte finansielle kooperativer som f.eks. Arcofin.
This letter drew on information suggesting that Arcofin’s participation in Dexia’s recapitalisation could in practice be attributed to the Belgian State following the assurance that it had given that it would guarantee the individual member shares in approved financial cooperatives such as Arcofin.