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Banca d'Italia releases its monthly banking...>

ITALY
ITALY: Banca d'Italia releases its monthly banking statistics at 1000BST. ING
point out they should "include a figure of how much exactly Italian banks
borrowed in the latest tranche of the 3Y TLTROIII that saw a total allotment of
EUR1.3trn. Data already released earlier this week showed that longer term
refinancing from the central bank increased by EUR54bln to EUR345bln over the
course of June. We know that Italian banks have around EUR68bln outstanding in
earlier TLTROIII tranches and taking into account that some of the prior
TLTROIIs may not be fully repaid yet we think a figure of around EUR260bln for
the latest tranche looks plausible - that would be 20% of the total allotment."

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