France banks push for state-backed financing of 2027 presidential race

Banks in France say they will not finance presidential candidates for the 2027 election without a state guarantee, citing the high risk of non‑repayment. The head of the French Banking Federation, Olivier Gavalda, said a shared‑risk arrangement with the government would be needed to cover potential defaults.

Prime Minister Sébastien Lecornu convened the major banks on 20 July at Matignon to discuss such a scheme. The proposal would see the state absorb part of the loss if a candidate fails to repay loans, a measure presented as a way to protect parties from foreign interference.

The discussion is linked to past instances where RN leader Marine Le Pen obtained loans from Russian and Hungarian banks after French lenders refused her credit. Critics on the left argue the plan could indirectly favor the far‑right candidate, while the government maintains the objective is to ensure transparent, domestically sourced campaign funding.