Italy's Credito Valtellinese gets OK for early repayment of state loans

MILAN, June 13 Thu Jun 13, 2013 10:02am EDT

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MILAN, June 13 (Reuters) - Italian small-sized lender Credito Valtellinese said on Thursday the Bank of Italy had approved the early repayment of 200 million euros ($267 million) of state-backed loans known as Tremonti Bonds.

The early repayment can now take place before June 30 this year, the bank said.

Tremonti bonds, which carry an onerous and steadily increasing coupon, were originally issued to help banks bolster their balance sheets at the peak of the sovereign debt crisis.

($1 = 0.7498 euros) (Reporting By Stephen Jewkes, editing by Francesca Landini)

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