French banks block loan to Marine Le Pen's presidential campaign

Marine Le Pen is leading opinion polls while her National Rally party has cut its debt, yet the country’s largest banks have refused to provide a loan for her presidential campaign. Prime Minister Sébastien Lecornu is negotiating a joint loan with a partial state guarantee. On 20 July, representatives of BNP Paribas, Société Générale, BPCE, Crédit Mutuel, Crédit Agricole and La Banque Postale met at Matignon to form a consortium that would share the risk of a €10.7 million loan – the maximum amount the French state can reimburse if a candidate reaches the second round. Banks cite compliance, credit‑risk and fear of losing 2‑5 % of customers. Société Générale and La Banque Postale have already declined. National Rally treasurer Kevin Pfeffer accused the banks of “not playing the democracy game.”