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Banco Popolare to tap new ECB longer-term funds for 3.5-4.0 bln euros
August 8, 2014 / 4:56 PM / 3 years ago

Banco Popolare to tap new ECB longer-term funds for 3.5-4.0 bln euros

MILAN, Aug 8 (Reuters) - Italy’s Banco Popolare expects to borrow between 3.5 billion euros and 4 billion euros ($4.7-$5.4 billion) from the European Central Bank when it next offers lenders cheap longer-term funds, a slide on its website showed on Friday.

CEO Pier Francesco Saviotti told analysts on a conference call on Friday that the board had authorised the bank to borrow 3.8 billion euros of these funds, which the ECB will provide starting from September in a bid to spur lending to companies. (1 US dollar = 0.7455 euro) (Reporting by Andrea Mandala, writing by Valentina Za, editing by Agnieszka Flak)

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