(Updates with 2014 guidance)
BRUSSELS, May 14 (Reuters) - Nationalised Franco-Belgian financial group Dexia suffered a first quarter net loss of 184 million euro ($252.2 million) due to a mark-down of derivative values and consulting fees linked to the European Central Bank's asset review.
The bank, 94 percent owned by the Belgian and French states, said its net result from recurring items was a negative 88 million euros, an improvement of 72 million euros from the final quarter of 2013 as funding costs reduced.
Dexia repeated that it expects a full-year recurrent loss of around 440 million euros. It made an overall net loss in 2013 of 1.08 billion euros, of which the recurrent amount was 669 million euros.
Separately, the group incurred a negative 148 million euro due to the adjustment of the value of collateralised derivatives. It also made a gain of 53 million euros from the sale of Dexia Asset Management and its 40 percent stake in Popular Banca Privada.
The group, once the world's largest municipal lender, is no more than a penny stock investment, but its results matter because France, Belgium and, to a lesser extent, Luxembourg are guaranteeing its borrowings by up to 85 billion euros.
The states, which have already pumped in billions of euros to prop up Dexia, are threatened with losses that could derail their efforts to rein in their budget deficits.
Dexia has been stripped of all its activities, including public sector lending and retail banking, after it failed to recover from the 2007-2008 credit crunch, which deprived it of access to short-term money to fund largely long-term loans.
Now essentially a portfolio of loans and bonds in run-off, it has benefited from a sharp reduction in the fee it has had to pay for government guarantees to 5 basis points per year from an average 85 basis points in 2012.
It is still looking into the possibility of selling its Italian business Crediop and said that talks with potential buyers was progressing.
Crediop, weighing about 35 billion euros on Dexia's balance sheet, had been thought of as unsellable and its divestment is not a European Commission requirement. ($1 = 0.7296 Euros) (Reporting By Philip Blenkinsop, editing by Robert-Jan Bartunek)