A preliminary agreement with two banks

Party treasurer Kevin Pfeffer announced on Tuesday that the National Rally has a preliminary agreement in place with two European banks for a €10.6-million-euro loan to finance Marine Le Pen's presidential campaign. The lenders are expected to give their answer by the end of the month.

"We are in very advanced talks with two European, but non-French, banks," Pfeffer said, adding that he was "quite optimistic". He declined to name the banks, saying the preliminary agreement recognised the reliability and credibility of the party's application, which offers all the necessary guarantees.

Why a bank loan is the only route

Under French rules, apart from donations, the only way for a political party to finance a presidential campaign is to obtain a bank loan. That has proved difficult for the far-right party:

• •French banks including Societe Generale and La Banque Postale refused to lend, saying they no longer finance political activity.
• •Candidates who reach the second round of the presidential election can claim state reimbursement of campaign expenses of up to €10.7 million.

A history of foreign loans

The party has borrowed abroad before. In 2022, it secured a 10.6-million-euro loan from a Hungarian bank. It had also previously contracted a 9.4-million-euro loan with a Moscow bank, which was paid off in 2023.

A party racing the clock

Speaking at his party's October congress in Orleans, Pfeffer had already flagged the deadline: only until the end of this year, he warned, could the party keep funding a campaign at its normal pace. Beyond that point, he said, another solution would have to be found.

Le Pen the front-runner

Polls show Le Pen is the front-runner to replace centrist President Emmanuel Macron in next spring's election, giving the financing question added weight as the banks' deadline approaches at the end of the month.