Monte Paschi must create conditions to pay back LTRO-CEO
SIENA, Italy, April 29 (Reuters) - Italy's third biggest bank, Monte dei Paschi di Siena, needs to be able to pay back cheap funds it borrowed from the European Central Bank on schedule and without hurting the lender's liquidity, its CEO said on Tuesday.
"The liquidity situation has improved a lot but there is still a lot of work to do. We need to create the conditions to pay back the LTRO fully respecting the deadline," CEO Fabrizio Viola told a shareholder meeting.
The bank borrowed 29 billion euros in three-year funds through the Longer Term Refinancing Operations launched by the ECB in December 2011 and February 2012. These funds have to be repaid by the end of February 2015. The bank has so far reimbursed 1 billion euros. (Reporting by Silvia Aloisi and Stefano Bernabei; editing by Francesca Landini)
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