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Hypovereinsbank says fully provisioned against Heta bank debt
March 12, 2015 / 10:22 AM / 3 years ago

Hypovereinsbank says fully provisioned against Heta bank debt

MUNICH, March 12 (Reuters) - Germany’s Hypovereinsbank on Thursday said it held bonds from Hypo Alpe Adria’s “bad bank” Heta worth low triple-digit millions of euros, and that the bank had already made sufficient bad-debt provisions last year to cover it.

Hypovereinsbank, or HVB, is owned by Italy’s UniCredit .

Regulators this month took control of Heta and imposed a debt moratorium until May 2016 after an outside audit found writedown needs that blew a 7.6 billion-euro ($8.05 billion) hole in its balance sheet. ($1 = 0.9440 euros) (Reporting by Andreas Kroener; Writing by Thomas Atkins; Editing by Georgina Prodhan)

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