German insurers halved Greek debt exposure -report

BERLIN Thu Jun 9, 2011 7:03am EDT

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BERLIN May 9 (Reuters) - German insurers halved their exposure to the sovereign debt of Greece in the year to March and slashed holdings in Irish, Portuguese, Spanish and Italian debt, according to a report for Germany's parliament.

Their exposure to Greek debt fell to 2.79 billion euros in March 2011 from 5.83 billion a year earlier; Irish debt holdings fell to 3.89 billion from 7.13 billion; Italian debt to 20.04 billion from 27.79 billion; Portuguese debt to 2.79 billion from 4.50 billion and Spanish to 9.06 billion from 20.93 billion.

The data came from a report on German insurers' exposure to sovereign debt prepared for the finance committee of the lower house or Bundestag, which was obtained by Reuters on Thursday.

It said their total exposure to the sovereign debt of the broader European Union totalled 256.18 billion euros as of March 31 this year.

(Reporting by Annika Breidthardt; writing by Stephen Brown; Editing by Toby Chopra)

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