Money Renault could borrow 4 to 5 billion euros guaranteed by the State

13:10  10 april  2020
13:10  10 april  2020 Source:   latribune.fr

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 Corona pandemic: The rescue package is getting bigger © dpa Will make it easier for companies to grant loans: Minister of Finance Olaf Scholz • Aid packages and compensation payments from the federal and state governments now total 1173 billion euros. • At the beginning of Easter week, the federal government now wants to boost lending through the state development bank KfW. • Finance Minister Scholz and his business colleague Altmaier have agreed to make lending easier for companies with 11 to 29 employees.

  Renault pourrait emprunter 4 à 5 milliards d'euros garantis par l'Etat © Provided by La Tribune

Renault is preparing the post-coronavirus. At the microphone of RTL this morning, its president, Jean-Dominique Senard, said that he was considering bank loans guaranteed by the French state, the amounts of which could reach from 4 to 5 billion euros. "We are working on ideas for bank loans that would be guaranteed by the state and that one day or another would be intended to be repaid so that we will not weigh on the finances of the state," said Mr. Senard.

"I am absolutely certain that this should make it possible to get through the bad period we are living in today," he added. Asked about an amount of 4 to 5 billion euros for these guaranteed credits, the president of Renault replied: "It could be of this order". But "the amounts are not fixed today, so it is too early to talk about it," he said.

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Abolition of dividends

Mr. Senard confirmed, however, that he was ruling out the scenario of a renationalization of Renault, of which the State now owns 15%. "Today we are not in this perspective," he said.

Read also: The renationalisation of Renault is not on the agenda (Senard)

Renault announced Thursday the abolition of its dividends for 2019, while the rating of the group, weakened by the crisis caused by the coronavirus, has been lowered to the rank of speculative investment by the agency Standard and Poor's.

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© NICHOLAS KAMM / AFP The United States Congress has approved a $ 2 billion to $ 200 billion economic support plan. Because of the confinement linked to the coronavirus, the United States and Europe have been confronted since mid-March with an unprecedented collapse of their economic activities. To save the economy and above all avoid corporate bankruptcy, states have taken ambitious measures by going into massive debt.

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