June 8, 2020 / 9:17 AM / a month ago

Italy's Target 2 liabilities rise to new record high in May

ROME, June 8 (Reuters) - The Bank of Italy’s liabilities towards other euro zone central banks rose in May, reaching a new all-time high, data showed on Monday, underscoring the increasing impact of the coronavirus epidemic on the country.

Italy’s so-called Target 2 debt rose to 517.347 billion euros ($584.55 billion) from 512.899 billion euros in April, data by the Bank of Italy showed.

The European Central Bank’s funding to Italian banks increased to 290.963 billion euros last month from 278.721 billion euros the previous month.

A country’s Target 2 position is monitored as a sign of financial stress and imbalances within the euro zone. Target 2 debt could rise, for example, due to capital outflows.

The Bank of Italy started publishing its Target 2 debt position in September 1997. ($1 = 0.8850 euros) (Reporting by Antonella Cinelli, editing by Giulia Segreti)

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