INTESA Sanpaolo has paid back in full the €36bn (£29.7bn) in cheap threeyear loans from the European Central Bank , Italy's top retail bank said yesterday, the first Italian banking institution to do so. Intesa said it had switched €21bn of those loans into ECB open-market operations - standard funding activities with maturities ranging from one week to three months. The ECB had offered lenders more longer term financing at the end of 2011 and early in 2012 to ride out strained funding conditions.
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