UniCredit repaid loans for 29 billion

2022.12.09 11:10

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UniCredit repaid loans for 29 billion

Budrigannews.com – According to a bank spokesperson, UniCredit of Italy reported on Friday that it had paid back approximately 29 billion euros, or $30.56 billion, in loans from the European Central Bank (ECB).

The group now owes approximately 78 billion euros in Targeted Longer Term Refinancing Operation (TLTRO) III funds due to the early repayment.

By removing a rate subsidy in October, the European Central Bank has provided banks with an incentive to eliminate those loans. It was the first thing it did to get cash out of the banking system and the first thing it did to stop buying so many bonds.

UniCredit repaid loans for 29 billion