Spain's Bankia says likely to take new ECB long-term loans

MADRID, July 28 Mon Jul 28, 2014 5:01am EDT

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MADRID, July 28 (Reuters) - Spanish lender Bankia will probably take new long-term loans from the European Central Bank in upcoming auctions, at which it can borrow around 3 billion euros ($4 billion), Financial Director Leopoldo Alvear said on Monday.

The ECB said in June it would give banks fresh access to long-term liquidity in order to improve lending to euro zone companies, in two so-called targeted longer-term refinancing operations (LTROs) in September and December of this year.

Bankia, which is majority-owned by the Spanish state, is still working out exactly how much it is entitled to borrow and has yet to make a final decision on whether to take the funds, Alvear told a news conference.

($1 = 0.7444 Euros) (Reporting by Sarah White and Jesus Aguado, Editing by Paul Day)