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Italy's Intesa Sanpaolo took 4 bln euros in cheap ECB funds
September 18, 2014 / 10:58 AM / 3 years ago

Italy's Intesa Sanpaolo took 4 bln euros in cheap ECB funds

MILAN, Sept 18 (Reuters) - Intesa Sanpaolo took 4 billion euros ($5.2 billion) in cheap four-year TLTRO funds the European Central Bank offered in a tender on Thursday to euro zone banks to help revive the block’s ailing economy.

In an emailed statement, Italy’s biggest retail bank said it could request a total of about 12.5 billion euros and it expected to ask for the remainder at the next tender on Dec. 11.

The ECB handed out 82.6 billion euros of its new loans to 255 banks on Thursday, far lower than the 400 billion euros on offer, but banks will get a second chance in December.

1 US dollar = 0.7765 euro Reporting by Danilo Masoni; editing by David Clarke

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