Bloomberg News

UniCredit Didn’t Use ECB Loans to Buy Italy Bonds, Ghizzoni Says

March 09, 2012

UniCredit SpA (UCG), Italy’s biggest bank, didn’t spend the cash it raised through the European Central Bank’s three-year loans to buy Italian government bonds, Chief Executive Officer Federico Ghizzoni said.

The lender borrowed between 10 billion euros and 15 billion euros in the ECB’s three-year tender in December, and less than that in February, Ghizzoni told journalists in Vienna late yesterday.

To contact the reporter on this story: Boris Groendahl in Vienna at

To contact the editor responsible for this story: Zoe Schneeweiss at

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