October 14, 2016 / 1:08 PM / 2 years ago

Italian banks borrowed 17 bln euros in Sept. 28 ECB funding operation

ROME, Oct 14 (Reuters) - 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)

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