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Intesa Sanpaolo says repaid 20 billion euros of ECB loans

Illustration shows Intesa Sanpaolo bank logo

MILAN (Reuters) - Italy's Intesa Sanpaolo said on Friday it had repaid around 20 billion euros ($21.61 billion) in loans from the European Central Bank (ECB).

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

Euro zone banks are set 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 nearly 860 billion euros in just a few months, the central bank said on Friday.

The ECB has given banks an incentive to get rid of those loans by taking away a rate subsidy in October. ($1 = 0.9256 euros)

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