“All the candidates have difficulty”: Bruno Retailleau has “no bank loan” to finance his campaign and accuses Matignon
Quick Look
Bruno Retailleau, Les Républicains candidate, claims to have no bank loan for his campaign, pointing to the withdrawal of a state guarantee promised by Matignon, which complicates negotiations with the banks.
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Why It Matters
The government had considered a state guarantee to facilitate bank loans to candidates in order to avoid the need for foreign financing.
Les Républicains presidential candidate Bruno Retailleau affirmed Friday that he had “no bank loan” to finance his campaign, “like most candidates” and placed the blame on Matignon who had promised a state guarantee. “All the candidates are having difficulty,” declared the president of LR on France 2, evoking for his party, in the meantime, “a sober campaign”.
“The problem is that Matignon told us, a few months ago, that the State was going to provide a guarantee, and suddenly he withdrew,” he explained. “When we were negotiating with the banks, the banks listened to Matignon's little music, and they said to themselves “oh dear, we're going to wait, since we're going to have guarantees from the State””.
Such a crucial subject for the National Rally
Last July, the government began looking with French banks for a solution to provide loans to candidates, citing risks of foreign interference if presidential candidates turned to foreign establishments. One option had been mentioned which consisted of “an agreement between several banks within the framework of which the State could cover part of the risk of non-recovery”, Matignon had specified.
Open Questions
- What is the current position of banks regarding this situation?
- Will there be a new state guarantee proposal?
