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View Full Version : French Banks Refuse Loan To Far-Right Leader Marine Le Pen


Kahn
December 25th, 2016, 09:24 AM
French banks are refusing to give far-right leader Marine Le Pen a loan to help fund her presidential campaign.

The leader of the French nationalist party National Front is struggling to obtain bank loans to finance her campaign, set to start in February, due to what a senior party official has described as “discrimination based on political opinion”.

National Front Secretary General Nicolas Bay told Europe 1 radio on Thursday the party required a loan of around €27 million (23 million), but that French banks were refusing to "play the game of democracy".

Mr Bay said: “For months we’ve been looking for a loan from a French banks or European banks. At this stage we still haven’t found a sufficient loan for the presidential and legislative campaigns.

“It is a real scandal that the French banks aren’t playing the game of democracy.

“There are certain candidates who have a lower guarantee than Marine le Pen, but have obtained bank loans — this poses a real problem of discrimination founded on political opinion.”

French banks Credit Agricole, BPCE and Credit Mutuel did not immediately respond to The Independent's request for comment, while BNP Paribas declined to comment on the matter.

A spokesman from French multinational bank Societe Generale said the organisation systematically refuses requests for loans from political parties, citing good business and political neutrality as the two reasons, according to Reuters.

The French media have in the past published letters from French banks refusing loans to National Front.

The party came under scrutiny in 2014 when it emerged it had received a €9 million (6.9 million) loan from the First Czech Russian Bank, believed to have ties to the Kremlin.

'This poses a real problem of discrimination founded on political opinion'

The leader of the French nationalist party National Front is struggling to obtain bank loans to finance her campaign, set to start in February, due to what a senior party official has described as “discrimination based on political opinion”.

National Front Secretary General Nicolas Bay told Europe 1 radio on Thursday the party required a loan of around €27 million (23 million), but that French banks were refusing to "play the game of democracy".

A spokesman from French multinational bank Societe Generale said the organisation systematically refuses requests for loans from political parties, citing good business and political neutrality as the two reasons, according to Reuters.

The French media have in the past published letters from French banks refusing loans to National Front.

The party came under scrutiny in 2014 when it emerged it had received a €9 million (6.9 million) loan from the First Czech Russian Bank, believed to have ties to the Kremlin.

When asked whether National Front would ask Russian establishments for money, during the Europe 1 interview, Mr Bay said: “We’re not ruling anything out at this stage. If we are obliged to go abroad to seek loans it’s because the French banks aren’t playing the game, and that’s a serious problem.”

Reports also suggest the party is considering obtaining a loan from Cotelec, the finance association created by Ms Le Pen’s father and former Front National leader, Jean-Marie Le Pen, which would likely spark controversy.

(Source (http://www.independent.co.uk/news/world/europe/france-banks-marine-le-pen-refuse-loan-front-national-far-right-presidential-campaign-a7492221.html))

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Thoughts?

Exocet
December 25th, 2016, 11:43 AM
French banks refuse loans to the National Front and when Russian banks are accepting to give themm loans,their opponents accuse it of being funded by Russia and (booooooh) Putin....

Vlerchan
December 25th, 2016, 11:58 AM
“There are certain candidates who have a lower guarantee than Marine le Pen, but have obtained bank loans — this poses a real problem of discrimination founded on political opinion.”
Can anyone provide a source of which partys are being referred to here, and what the amounts of the loands are. I can understand why - from a financial perspective - a bank would be worried about extending a loan to a party that doesn't look like it is going to be elected (and, thus, recoup the losses of the election).

... their opponents accuse it of being funded by Russia and (booooooh) Putin....
Do you consider it OK for French political parties to be indebted to foreign governments?

Porpoise101
December 25th, 2016, 09:05 PM
I think it is a little disturbing. While FN is detestable, I do not think it is right that banks should disadvantage a party. It makes the system look even more illegitimate and may cause more harm than not. It lowers France to that of Russia a few years ago in a way; established banks denied opposition parties money and made it very difficult for them to organize.