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Intesa Sanpaolo repays around 13 billion euros in TLTRO III funds

FILE PHOTO: Illustration shows Intesa Sanpaolo bank logo

MILAN (Reuters) - Italy's largest bank Intesa Sanpaolo said on Friday it had repaid around 13 billion euros ($13.48 billion) in ECB's Targeted Longer Term Refinancing Operation (TLTRO) III funds.

The European Central Bank has given banks an incentive to get rid of those loans by taking away a rate subsidy last month. It was its first move to mop up cash from the banking system and the first step towards unwinding its massive bond purchases.

The early repayment leaves Intesa with 102 billion euros in outstanding TLTRO funds, the bank said in a statement published on its website.

($1 = 0.9646 euros)

(Reporting by Valentina Za; Writing by Gianluca Semeraro, Editing by Agnieszka Flak)