Italy's banks tap ECB for €50bn

Italy's banks, led by UniCredit, were the biggest users of the special three-year funding mechanism launched by the European Central Bank in December, according to a new report.

UniCredit - Italy's biggest bank by assets - took €12.5bn of three-year money under the facility, closely followed by Intesa Sanpaolo, with €12bn, and Monte dei Paschi di Siena, which took €10bn, the report from analysts at Morgan Stanley says.