May 8, 2017 / 9:27 AM / in 3 months

Bank of Italy's Target 2 liabilities edge down from record high

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MILAN, May 8 (Reuters) - Italy's debt with the European Central Bank slightly edged down in April after hitting a record high the previous month, as capitals flew out of the euro zone's third-largest economy.

Italy's net debt to the ECB's Target 2 payment system, which settles cross-border payments in the euro zone, fell to 411.6 billion euros in April from 419.8 billion euros in March.

Italy's Target 2 position has worsened over the past year because foreigners have cut their holdings of the country's debt on the back of the ECB's bond buying programme and Italians have put a growing share of their savings into foreign assets, diversifying away from negative-yielding government bonds.

Reporting by Giulio Piovaccari, writing by Valentina Za

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