and Dexia gains control over Otzar Hashilton Hamekomi, an Israeli credit provider for local authorities. 2002: Integration of the Artesia branches in Belgium. 2006: Acquisition of 99.8% of the Turkish firm DenizBank. 2006: Royal Bank of Canada created Institutional Investment Joint Venture with Dexia. It is a 50/50 Partnership called RBC Dexia Investor Services. Crisis 2008/2009 On 29 September 2008 Dexia came under pressure during the crisis in the banking sector. Other banks and financial institutions refused to provide further credit to Dexia because of potential losses at its U.S. subsidiary FSA and from a multi-billion loan to troubled German bank Depfa. The price of the Dexia share, having peaked above €20 in the previous years, but gradually fallen to around €10, dropped in one day to €6.62. The next day the rating agency Moody's downgraded Dexia's long term debt and deposits ratings from Aa1 to Aa3, and downgraded the individual banks' strengths to C− ("adequate intrinsic financial strength") with a negative outlook. Dexia was quickly forced to apply for a taxpayer bailout. This support was assured within days, taking two forms: a capital injection of €6.4 billion, consisting of €3 billion from the Belgian State and regional governments, €3 billion from the French State and Caisse des Dépôts et Consignations and €376 million from the government of Luxembourg. a state guarantee (effective from 31 October 2008) covering Dexia's liabilities towards credit institutions and institutional counterparties, as well as bonds and other debt securities issued for the same counterparties, for a total maximum amount of €150 billion. Belgium provided 60.5% of the guarantee, with a 36.5% contribution from the French state and 3% from Luxembourg. The three states have the potential to make a profit from their intervention: the new capital buys Dexia shares at a price of €9.90 per asset for the state guarantee Dexia has to pay a monthly fee, from which the three states benefit proportionally to their share in the guarantee. The guaranteed amount varies continually as a function of Dexia's loans on the financial markets. It peaked mid-2009 at around €100 billion, but after Dexia managed to start selling non-guaranteed commercial paper and bonds again, fell to half this size by the end of 2009. In 2009 Dexia paid a fee of 0.5% on the guaranteed credits with a term of less than one year, and 0.865% on the credits longer than one year. The