Hapoalim says MBS assets value drops $209 mln

TEL AVIV, April 17 (Reuters) - Israel's Bank Hapoalim (POLI.TA) said on Thursday the value of its U.S. mortgage-backed securities (MBS) portfolio fell by another $209 million as of March 31.

Hapoalim, one of Israel's two largest banks, in March reported a $500 million decline in the value of these securities, bringing the total drop to $709 million, Hapoalim said in a statement to the Tel Aviv Stock Exchange.

At the same time, its MBS portfolio in London also saw another drop of $15 million, bringing the total decline in this portfolio's value to $25 million.

The bank said it does not believe these declines reflect the true economic value of the portfolio if its holds these assets for the long term. (Reporting by Tova Cohen, editing by Steven Scheer)