The three countries agreed to boost their bailout plan and asked the commission for approval on Wednesday. Brussels agreed “in order to preserve financial stability,” but also stressed that it “has doubts that the measure is compatible with EU rules.”

This is Dexia’s second bailout plan. In 2008, the European Commission approved a rescue and restructuring programme--also by Belgium, France and Luxembourg--which was meant to have been concluded by 2014.

But then facing huge Greek sovereign debt exposure last year, Dexia Group began being broken up as part of the second plan in October. Belgium is currently responsible for 60.5%, France for 36.5% and Luxembourg for 3% of the ten-year government guarantees.

In December, the European Commission said it would investigate the programme on competition grounds, as state support is limited by EU regulations. The temporary anti-trust clearance currently runs through the end of September.

However, the commission could ultimately decide that the programme runs afoul of the rules. The European Commission has not said when it will complete its review.

Part of the guarantees--€45 billion worth--is for Dexia businesses in Belgium and France. However, the bank has already accessed more than €44 billion of those guarantees, according to the Reuters news agency, which first broke the story on the bailout extension.

As part of its reorganisation, Dexia Group is currently speaking with suitors interested in its units in Russia and Turkey, and is in the process of selling its municipal credit division to a French state-run bank.

The group’s retail and private banking operation in the Grand Duchy, Banque International à Luxembourg, was bought out by a Qatari royal family investment fund, with a small stake going to the Luxembourg government.

Dexia also sold its 50 percent stake in RBC Dexia--which provides back-office banking services to investment funds--to its Canadian joint venture partner.

Dexia Asset Management is the last major Luxembourg-based Dexia unit to be sold as part of the restructuring plan. An announcement on that transaction could come later this month.