EU public funds buoy Italian lenders

Italian banks depend on public-sector funds the most of all European Union firms, but plan to wean themselves off this supply dramatically over the next three years.

European Banking Authority (EBA) data shows public repo funding – such as that offered through the European Central Bank’s targeted longer-term refinancing operations (TLTRO), made up 8.5% of Italian lenders’ total funding in 2018, compared with an EU average of 2.7%. In total, €498.3 billion ($552.3 billion) of repo funding was

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