In 2008, the bank received taxpayer bailouts for €6 billion, and it became the first big casualty of the 2011 European sovereign debt crisis. Due to big losses, suffered among others from the debt haircut on Greek government bonds, its Common Equity Tier 1 (CET1) capital ratio became negative during the second half of 2011,[citation needed] and an orderly resolution process began in October 2011.[3][4] As part of the resolution, Dexia Bank Belgium was bought out from the Dexia group by the Belgian state, and will continue to exist under its new name Belfius.