The National Rally (RN) in France is once again facing the same old difficulties in financing its presidential campaign.
With 12 months to go before the 2027 elections, the party led by Jordan Bardella still struggles to secure the €10.7 million needed to fund its campaign after repeated refusals from banks in France and across Europe.
This situation was confirmed by the party’s treasurer, Kévin Pfeffer, who acknowledged ongoing difficulties in gaining acceptance within the banking sector.
Despite favourable polling suggesting RN will surpass the 5 per cent threshold required for state reimbursement of campaign expenses, many financial institutions remain reluctant to grant loans. According to Pfeffer, banks continue to hold negative views of the party.
This is not a new issue. For years, the RN has faced refusals from French and European banks, forcing it to seek financing elsewhere.
In 2022, it obtained a €10 million loan from a Hungarian bank and, in 2014, the party, then known as the Front National, secured a €9 million loan from a Russian bank after being turned down domestically. Both cases were later the subject of political and parliamentary scrutiny.
The French system for financing political parties is based on strict regulation and public support. Individual donations are allowed but capped at relatively low amounts, limiting reliance on large private donors, while corporate donations are prohibited.
Public funding is allocated primarily based on results in legislative elections. Campaign expenses are partially reimbursed to candidates who obtain at least 5 per cent of the vote. This system aims to balance fairness, transparency and political representation.
The issue is particularly sensitive because the French system bans corporate donations and strictly limits private fundraising, making access to bank credit crucial before any public reimbursement is paid.
Despite being one of the main opposition parties and expecting strong electoral results, the RN faces a recurring paradox: It is likely to receive public reimbursement after the election but must first secure significant upfront funding.
Although the financial risk is considered limited given expected results, many banks refuse to be associated with the party for ideological reasons.
As a result, the RN is once again considering turning to foreign lenders. The lack of a domestic solution remains unresolved, despite earlier proposals in Paris, including François Bayrou’s “bank of democracy” plan, intended to guarantee political financing.
At the same time, RN senior figures including Marine Le Pen, Bardella and their advisers are holding a strategic seminar in a confidential location outside Paris to define the campaign’s structure, timeline and organisation.
The financing problem comes as the party is preparing for 2027 without full certainty over whether Marine Le Pen or Jordan Bardella will ultimately carry its presidential bid.
The final programme will be determined once the party officially selects its candidate.
