The Belgian and French states have injected a further €5.5 billion into Dexia group, via the issuance of “preference shares,” the firm announced on Thursday.

The new round of bailout funding was largely prompted by losses in one of its French units, and without the funding the bank would have been insolvent. As of September 30, it had a “negative net asset position essentially resulting from a significant write-down of the value on its holding in Dexia Crédit Local,” Dexia said in its quarterly statement to investors. The group posted a loss of €2.39 billion during the first nine months of the year, following a net loss of €11.6 billion in 2011.

Last autumn--in the wake of the euro zone crisis--the banking group was rescued by the Belgian, French and Luxembourg governments, which ultimately pledged €90 billion in loan guarantees to back Dexia’s recapitalisation. As part of this week’s deal, that figure will be lowered to €85 billion, and Belgium has reduced its guarantees of Dexia debt from 60.5% to 51.41%, while France’s share will increase from 36.5% to 45.59%.

Luxembourg’s government did not participate in this round of rescue funding, but its overall level of backing remains at 3%.

The three countries combined have put more than €10 billion in the bank since 2008.

The new plan faces vote during an extraordinary shareholders meeting in December, and then a review by the European Commission, which Dexia hopes will grant approval early next year.

As part of its reorganisation, Dexia group has already sold most of its Grand Duchy-based holdings--including former subsidiary Banque internationale à Luxembourg and its 50% stake in RBC Dexia--but the sale of its Dexia Asset Management is still pending.

But CEO Karel De Boeck told a press conference that it will take until 2099 to finish selling off Dexia’s “toxic assets” and fully wind-up the bank, news agency AFP reported.