Intesa Sanpaolo says repaid 20 billion euros of ECB loans

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The early repayment leaves the group with around 76 billion euros in outstanding Targeted Longer Refinancing Operation (TLTRO) III funds, the bank added.

Eurozone banks are expected to repay early another 62.7 billion euros in multi-year loans from the European Central Bank, bringing the total reduction of outstanding loans to almost 860 billion euros in just a few months. , the central bank said on Friday.

The ECB gave banks an incentive to get rid of those loans by removing a rate subsidy in October. ($1 = 0.9256 euro)

(Reporting by Alessia Pé; Editing by Gianluca Semeraro and Keith Weir)

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