Obligation Caisse Nationale du Financement Local 0% ( FR0010306373 ) en EUR

Caisse Nationale du Financement Local

100 % ⇌

France

FR0010306373 ( en EUR )

31/03/2016 - Obligation échue

Prospectus brochure de l'obligation Caisse Francaise de Financement Local FR0010306373 en EUR 0%, échue

50 000 EUR

68 000 000 EUR

La Caisse Française de Financement Local (CFFL) est un établissement public national français qui assure le financement des collectivités territoriales et de leurs groupements.

L'Obligation émise par Caisse Nationale du Financement Local ( France ) , en EUR, avec le code ISIN FR0010306373, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 31/03/2016

Final Terms dated 12 February 2007

DEXIA MUNICIPAL AGENCY
(the "Issuer")
Euro 75,000,000,000
Euro Medium Term Note Programme
for the issue of Obligations Foncières
Due from one month from the date of the original issue

SERIES NO: 250
TRANCHE NO: 2
EUR 34,000,000 French and European Inflation Linked Obligations Foncières due 31 March 2016 to
be assimilated (assimilables), upon listing, and form a single series with the existing EUR 34,000,000
French and European Inflation Linked Obligations Foncières due 31 March 2016 issued on March 31,
2006 as Tranche 1 of Series 250

Issue Price:100 per cent. of the Aggregate Nominal Amount of this Tranche plus an amount
corresponding to accrued interest at a rate of 4.53556 per cent. of the Aggregate Nominal Amount of
this Tranche for the period from, and including, 31 March 2006 to, but excluding, 14 February 2007

BARCLAYS CAPITAL

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PART A CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the
"Conditions") set forth in the Base Prospectus dated 18 August 2005. This document constitutes the
Final Terms of the Obligations Foncières described herein for the purposes of Article 5.4 of the
Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive") and must be read in
conjunction with the Base Prospectus dated 21 July 2006 and the supplements to the Base Prospectus
dated 4 October 2006 and 12 December 2006, which together constitute a base prospectus for the
purposes of the Prospectus Directive, save in respect of the Conditions which are extracted from the
Base Prospectus dated 18 August 2005 and are attached hereto. Full information on the Issuer and
the offer of the Obligations Foncières is only available on the basis of the combination of these Final
Terms, the Base Prospectus dated 18 August 2005, the Base Prospectus dated 21 July 2006 and the
supplements to the Base Prospectus dated 4 October 2006 and 12 December 2006. The Base
Prospectus and the supplements to the Base Prospectus are available for viewing at the office of the
Fiscal Agent or each of the Paying Agents, on the website of the Luxembourg Stock Exchange, or
otherwise in accordance with the provisions of Article 14 of the Prospectus Directive, and copies
may be obtained from Dexia Municipal Agency, Tour Cristal, 7-11 Quai André Citroën, 75015 Paris,
France.

1
Issuer: Dexia
Municipal
Agency
2
(i) Series
Number:
250

(ii) Tranche
Number:
2
The Obligations Foncières will upon listing be
assimilated (assimilables) and interchangeable
for trading purposes with the existing Euro
34,000,000 French and European Inflation
Linked Obligations Foncières due 31 March
2016 issued on 31 March 2006 as Series 250
Tranche 1.
3
Specified Currency or Currencies: EURO
("EUR")
4
Aggregate Nominal Amount of Obligations Foncières

admitted to trading:

(i) Series:
EUR68,000,000

(ii) Tranche:
EUR34,000,000
5
Issue
Price:
100 per cent. of the Aggregate Nominal Amount
of the Tranche plus an amount corresponding to
accrued interest at a rate of 4.53556 per cent. of
such Aggregate Nominal Amount corresponding
to the period from, and including, 31 March 2006
to, but excluding, 14 February 2007.
6
Specified Denominations:
EUR50,000

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7
(i)
Issue Date:
14 February 2007

(ii)
Interest Commencement Date:
31 March 2006
8
Maturity Date:
31 March 2016
9
Interest Basis:
Index-Linked Interest
(further particulars specified below)
10 Redemption/Payment Basis
Redemption at par
11 Change of Interest or Redemption/Payment Basis:
Not Applicable

12 Call Options:
Not Applicable
13
(i) Status
of
the
Obligations Foncières:
Obligations Foncières
(ii)
Dates of the corporate authorisations for
Decision of the Directoire of Dexia Municipal
issuance of the Obligations Foncières
Agency dated 31 January 2007 deciding the issue
of the Obligations Foncières and authorizing Mr
François LAUGIER, President or any of its
Directeurs Généraux officers the power to sign
and execute all documents in relation to the issue
of the Obligations Foncières
14 Method of distribution:
Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY)
PAYABLE
15 Fixed Rate Obligation Foncière Provisions
Not Applicable
16 Floating Rate Provisions
Not Applicable
17 Zero Coupon Obligation Foncière Provisions
Not Applicable
18 Index Linked Interest Obligation Foncière /other
Applicable
variable-linked interest Obligations Foncières
Provisions
(i)
Index/Formula/Other variable:
The Issuer will pay interest amount ("IA") on each
Specified Interest Payment Date (as defined in sub-
paragraph (vii) below) determined by the Calculation
Agent in accordance with the following formula and
rounded to two decimal places:
IA = Specified Denomination x Interest Rate x Day
Count Fraction
Interest Rate =
Max[3.55% + 5× InflationDifferential 0
; %]
Subject to a Maximum Rate of Interest as defined in
item 18(xi).
(ii)
Calculation Agent responsible for calculating the
Barclays Bank PLC
interest due:

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(iii)
Provisions for determining Coupon where calculated Where:
by reference to Index and/or Formula and/or other
variable:
Inflation Differential means YoY EUR Inflation
YoY French Inflation
YoY EUR Inflation =
( EUR CPI y-1 EUR CPI y-2) / EUR CPI y-2
(rounded up to 2 decimal places)
EUR CPI means the Euro-Zone Harmonised Index of
Consumer Prices excluding Tobacco Unrevised Series,
published on the Index Source by the Sponsor on a
monthly basis;
Euro-zone means the region comprised of member
states of the European Union that adopt the single
currency in accordance with the Treaty establishing
the European Community, as amended
EUR CPI y-1 means the EUR CPI of December of
the year y-1

EUR CPI y-2 means the EUR CPI of December of
the year y-2

Y means the year of the Specified Interest Payment
Date of the relevant Interest Period.

YoY French Inflation =
( French CPI y-1 French CPI y-2) / French CPI y-2
(rounded up to 2 decimal places)
French CPI means the French Index of Consumer
Prices excluding Tobacco Unrevised Series, published
on the Index Source by the Sponsor on a monthly
basis;
French CPI y-1 means the French CPI of December
of the year y-1

French CPI y-2 means the French CPI of December
of the year y-2

Y means the year of the Specified Interest Payment
Date of the relevant Interest Period.

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Index Source means in respect of the EUR CPI,
Bloomberg page CPTFEMU <Index> or such other
page or service that may replace CPTFEMU <Index>
for the purpose of displaying the Index from time to
time and in respect of French CPI, Bloomberg page
FRCPXTOB <Index> or such other page or service
that may replace FRCPXTOB <Index> for the
purpose of displaying the Index from time to time
Sponsor means in respect of the EUR CPI, Eurostat
or any successor or successors thereto and in respect
of French CPI, INSEE or any successor or successors
thereto.

(iv)
Interest Period(s):
Interest Period means the period from (and
including) 31 March 2006 up to (but excluding)
the first Specified Interest Payment Date and
each subsequent period from (and including) a
Specified Interest Payment Date to (but
excluding) the next Specified Interest Payment
Date.
(v)
Provisions for determining Coupon where calculation
a) Revision to EUR/French IPC
by reference to Index and/or Formula an/or other
For the purposes of any calculation of the
variable is impossible or impracticable or otherwise
Interest Amount under the Obligations
disrupted:
Foncières, the first publication by
Eurostat/INSEE of respectively the EUR IPC
and French IPC (excluding all estimations) for
a given month shall be final.

b) Modification to EUR/French IPC Base
Change
If the EUR/French IPC value for a given month
is subject to a modification of its base of
calculation, the value of the EUR/French IPC
following such change in base shall be
determined by the Calculation Agent in good
faith in accordance with the methodology
published by respectively Eurostat/INSEE
following such change in base. In the event
that no such methodology is published, then the
Calculation Agent shall make such calculation
as it, in its reasonable discretion and acting in
good faith, deems appropriate to determine the
EUR/French IPC value applicable making any
necessary adjustments as seem to be necessary
in order to preserve the economic intention of
these terms and conditions.

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C) Substitute EUR/French IPC
In case that the relevant EUR/French IPC is not
available on a relevant month, the Calculation
Agent will determine the relevant EUR/French
IPC in accordance with the following:
(i) If a provisional EUR/French IPC has already
been published, such index shall automatically
be used as the substitute EUR/French IPC. Such
provisional EUR/French IPC would be
published under the heading "indice de
substitution" or "Substitute Index". If the
definitive EUR/French IPC is released, it would
automatically apply from the day following its
release to all calculations taking place from this
date.
(ii) If no provisional IPC is available, a
substitute index shall be calculated by the
Calculation Agent in order to preserve the
economic intention of these terms and
conditions on the basis of the most recently
published figure adjusted by the Calculation
Agent.

d) Cessation or Substantial Modification of
EUR/French IPC
In the opinion of the Calculation Agent, if the
EUR/French IPC ceases permanently to be
published or the method used to calculate the
EUR/French IPC is substantially modified prior
to the relevant date the Calculation Agent shall
make any such adjustments to such index, if
any, as seem to be necessary in order to
preserve the economic intention of these terms
and conditions, and as so adjusted, shall
become the EUR/French IPC

(vi)
Calculation Period(s):
Not Applicable
(vii)
Specified Interest Payment Dates:
31 March in each year from and including 31 March
2007 to and including the Maturity Date
(viii) Business Day Convention:
Not Applicable
(ix)
Business Centre(s) (Condition 5(a)):
Not Applicable
(x)
Minimum Rate of Interest:
Not Applicable
(xi)
Maximum Rate of Interest:
7.50 per cent per annum

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(xii)
Day Count Fraction (Condition 5(a)):
30/360 (unadjusted)
19 Dual Currency Obligation Foncière Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION

20 Call Option
Not Applicable
21 Other Option
Not Applicable
22 Final Redemption Amount of each Obligation
EUR50,000 per Obligation Foncière of
Foncière
EUR50,000 Specified Denomination
23 Early Redemption Amount

Early Redemption Amount(s) of each Obligation
Not Applicable
Foncière payable on redemption for taxation reasons
or on any early redemption and/or the method of
calculating the same (if required or if different from
that set out in the Conditions).
GENERAL PROVISIONS APPLICABLE TO THE OBLIGATIONS FONCIÈRES
24 Form of Obligations Foncières: Dematerialised
Obligations Foncières

(i)
Form of Dematerialised Obligations Foncières:
Bearer dematerialised form (au porteur)

(ii) Registration
Agent
Not
Applicable

(iii) Temporary Global Certificate:
Not Applicable

(iv) Applicable TEFRA exemption:
Not Applicable
25 Financial Centre(s) (Condition 7(h)) or other special
TARGET
provisions relating to Payment Dates:

(i) Adjusted Payment Date (Condition 7(h)):
Modified Following Business Day Convention
(The next following business day unless it would
thereby fall into the next calendar month in
which such event such date shall be brought
forward to the immediately preceding business
day)

26 Talons for future Coupons or Receipts to be attached to
Not Applicable.
definitive Materialised Obligations Foncières (and
dates on which such Talons mature):
27 Details relating to Partly Paid Obligations Foncières:
Not Applicable
amount of each payment comprising the Issue Price and
date on which each payment is to be made and
consequences (if any) of failure to pay
28 Details relating to Instalment Obligations Foncières:
Not Applicable
amount of each instalment, date on which each
payment is to be made:
29 Redenomination, renominalisation and reconventioning
Not Applicable
provisions:
30 Consolidation provisions:
Not Applicable

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31 Representation of holders of Obligations Foncières The initial Representative will be:
Masse (Condition 10):
Antoine de Chauveron
23, avenue Foch
75016 Paris

The alternative Representative will be:
Laurent Vallery Radot
23, avenue Foch
75016 Paris

The Representative will not be remunerated.
32 Other final terms:
Not Applicable
DISTRIBUTION

33 (i)
If syndicated, names of Managers:
Not Applicable

(ii)
Stabilising Manager(s) (if any):
Not Applicable
34 If non-syndicated, name of Dealer:
Barclays Bank PLC

35 Additional selling restrictions:
FRANCE:
Each of the Dealer and the Issuer has represented
and agreed that:
(i) it has not offered or sold and will not offer or
sell, directly or indirectly, any Obligations
Foncières to the public in France; and
(ii) it has not distributed or caused to be
distributed and will not distribute or cause to
be distributed to the public in France, the
Base Prospectus, its supplements, the Final
Terms or any other offering material relating
to the Obligations Foncières; and
(iii) such offers, sales and distributions have
been and will be made in France only to qualified
investors (investisseurs qualifiés), as defined in,
and in accordance with, Articles L.411-1, L.411-
2, D.411-1 to D.411-3 of the French Monetary
and Financial Code, but excluding individuals
referred to in Article D.411-1 II 2° of the French
Monetary and Financial Code
LISTING AND ADMISSION TO TRADING APPLICATION
This Final Terms comprises the Final Terms required to list the issue of Obligations foncières described herein
pursuant to the Euro 75,000,000,000 Euro Medium Term Note Programme of Dexia Municipal Agency.

RESPONSIBILITY

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The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of the Issuer:
Duly represented by:

- 9 -

PART B OTHER INFORMATION
1. RISK
FACTORS
Not Applicable
2. LISTING

(i) Listing:
Bourse de Luxembourg (regulated market of the Luxembourg
Stock Exchange)
(ii) Admission to trading:
Application has been made for the Obligations Foncières to be
admitted to trading on the regulated market of the
Luxembourg Stock Exchange with effect from the Issue Date
The existing EUR 34,000,000 French and European Inflation
Linked Obligations Foncières due 31 March 2016 issued on 31
March 2006 as Series 250 Tranche 1 are already admitted to
trading on the regulated market of the Bourse de Luxembourg.

3. RATINGS
Ratings:
Obligations Foncières to be issued under the Programme are
expected to be rated AAA by Standard & Poor's Rating
Services and Fitch Ratings and Aaa by Moody's Investors
Services, Inc.
Applicable

4.
SPECIFIC CONTROLLER
The specific controller (contrôleur spécifique) of the Issuer has certified that the value of the
assets of the Issuer will be greater than the value of its liabilities benefiting from the privilege
defined in article L.515-19 of the French Monetary and FInancial code, after settlement of this
issue and of the issues which have been the subject of previous attestations.
5.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

So far as the Issuer is aware, no person involved in the offer of the Obligations Foncières has
an interest material to the offer.

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