July 9, 2019 / 8:34 AM / 11 days ago

Italian banks' corporate loans down again in May, sovereign holdings fall

MILAN, July 9 (Reuters) - Italian banks’ lending to firms continued to shrink in May, despite at a lower pace, while their domestic government bond portfolio fell, central bank data showed on Tuesday.

Corporate loans were down 0.2% on a yearly basis in May, after falling 0.6% the previous month.

Banks reduced their holdings of Italian government bonds by some 3 billion euros, to 391.53 billion euros ($438.47 billion) in May.

Bad loans before writedowns were slightly down in May at 92.02 billion euros, the data showed. Net of writedowns, bad loans stood at 32.63 billion euros in May from 32.57 billion euros in April.

$1 = 0.8929 euros Writing by Alessia Pé , editing by Giulio Piovaccari

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