MILAN Jan 28 Intesa Sanpaolo said on
Tuesday it had fully reimbursed the 36 billion euros ($49.22
billion) in cheap 3-year loans taken from the European Central
Bank, the first Italian bank to do so.
Intesa, Italy's biggest retail bank, said it had switched 21
billion euros of those loans into standard ECB open-market
operations with maturities ranging from one week to three
The remaining 15 billion euros of loans had been previously
The outsanding financing with the ECB had fallen to less
than 20 billion euros at the end of December and has been
further declining since, Intesa said in a statement.
The shorter-term funding provides the bank "with more
efficiency and flexibility in the management of our liquidity
also on the basis of the alternative cost of short-term
wholesale funding," it said.
($1 = 0.7313 euros)
(Reporting by Silvia Aloisi and Gianluca Semeraro)