ROME Oct 14 Italian banks took just over 17
billion euros ($19 billion) in cheap loans at the European
Central Bank's (ECB) latest round of Targeted Long-Term
Financing Operations, the Bank of Italy said on Friday.
The banks borrowed the money in the second transaction of
the four-year programme known as TLTRO 2, on Sept. 28, the Bank
of Italy said in its quarterly bulletin.
Part of a monetary expansion policy announced by the ECB in
March, TLTRO 2 is meant to lower corporate borrowing costs,
trigger spending and eventually revive inflation.
In total, Italian banks have borrowed 156 billion euros in
the TLTRO 2 programme. Subtracting ECB funds borrowed under
previous programmes which they have paid back early, net loans
amount to 46 billion euros. ($1 = 0.8928 euros)
(Reporting by Isla Binnie, editing by Valentina Za)