May 12, 2014 / 4:58 PM / in 4 years

Monte Paschi says to meet LTRO reimbursement deadline

MILAN, May 12 (Reuters) - Italy’s bailed-out bank Monte dei Paschi di Siena expects to meet a February 2015 deadline to fully pay back 29 billion euros ($40 billion) in cheap loans it took from the European Central Bank, according to slides posted on its website.

The bank had paid back 5 billion euros at the end of April. Its chief financial officer, Bernardo Mingrone, said the lender would put in a request to reimburse another 2 billion euros “in the next few days”.

According to the slides, the bank expects its exposure to the so-called LTRO loans to fall to 14 billion euros by end December this year.

According to the slides, the exposure will be reduced to zero by end-February 2015. ($1 = 0.7270 Euros) (Reporting by Silvia Aloisi, editing by Danilo Masoni)

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