In addition, Bloomberg News reports that Dexia SA - which is based in Brussels and Paris - owned subsidiaries implicated in bid-rigging that prosecutors claim defrauded taxpayers in the US.
Lending figures showed that the bank borrowed as much as $37 billion.
It was revealed that an average daily loan amount of $12.3 billion took place in the 18 months following the collapse of Lehman Brothers Holdings.
Matt Fabian, a senior analyst and managing director at Municipal Markets Advisors, said: "If Dexia went bankrupt, it could have been a catastrophe for municipal finance and money funds."
Bloomberg recently reported that the US Federal Reserve is to face a bank lawsuit filed by TCF National Bank, which will centre on the way large banks in the country can collect for debit card transactions.
By Gary Cooper