Swedbank gives details on Lehman exposures

STOCKHOLM, Sept 16 Tue Sep 16, 2008 3:12am EDT

STOCKHOLM, Sept 16 (Reuters) - Sweden's Swedbank (SWEDa.ST) said on Tuesday it had an unsecured exposure of 202 million Swedish crowns ($29.70 million) to Lehman Brothers LEH.N and secured exposure of $1.35 billion.

Swedbank said it was too early to say if it needed to make provisions or writeoffs regarding the unsecured exposure, made up of derivatives and bonds, after Lehman filed for bankruptcy protection.

Swedbank said the secured exposure consisted of a pool of 70 real estate debtors. The bank said it did not believe any provisions would be necessary.

The collateral will only fall below $1.35 billion if the value of the real estate were to fall 30 percent below its current market level, Swedbank said.