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Muenchener Hypobank Plans to Avoid Loss With Reserves, HB Says

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March 22 (Bloomberg) -- Muenchener Hypothekenbank eG will draw on its reserves to avoid posting a deficit this year as losses from Greek bonds mount, Handelsblatt reported, citing unidentified people close to the company.

The lender has had to write down 60 percent of the 108 million euros ($143 million) of Greek state debt it holds, Handelsblatt reported. The firm will book the losses in 2012, according to the newspaper.

To contact the reporter on this story: Alex Webb in Frankfurt awebb25@bloomberg.net.

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net.

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