European Investment Bank warns car makers not to expect big loans
10 March 2009

European car makers are unlikely to receive all the money they have requested from the EU's investment bank, with a predicted shortfall of around €33bn.

The European Investment Bank’s (EIB) president, Philippe Maystadt, warned manufacturers not to expect the full €40bn they want. Maystadt said that €7bn is a more realistic figure to expect from the bank.

The news will come as a huge blow to manufacturers such as Saab, who are relying upon EU loans to survive the current downturn.

Carlos Ghosn, Renault CEO and president of the European Automobile Manufacturers Association, last week asked the European Commission to increase its support of the car industry, both financially and strategically.

Ghosn also requested that the current €400m limit on funds available to any company in a single year be lifted; that now seems unlikely to happen given this latest rebuff by the EIB.

James McKiernan

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Range Rover p400e
    First Drive
    20 March 2018
    The original luxury SUV is now available as a plug-in hybrid, promising lower emissions and the capacity for silent electric motoring
  • BMW i3s
    Car review
    20 March 2018
    Revised hatchback sets out its range-extended electric stall in a new, sportier tune
  • BMW X2
    This is the new BMW X2
    First Drive
    20 March 2018
    Doesn’t deliver many typical crossover selling points but looks perky, handles keenly and is well capable of winning over your latent cynic
  • First Drive
    20 March 2018
    The newest version of Rolls-Royce's flagship model sets new standards for opulence and luxury whether you're driving it or being driven in it
  • Used BMW M135i
    First Drive
    20 March 2018
    We have bought a used BMW M135i to see how far we can improve this rear-wheel-drive hot hatch