• Credit: ICO saves electoral campaigns with loans to parties

The Official Credit Institute (ICO) went so far as to lend 10.4 million in 2019 to the PSOE for the successive elections before the reluctance of the bank and has pending to return 8.3 million, according to Ferraz to EL MUNDO. Most of this debt matured on June 21, but it has been extended by the ICO and will be paid this year, as soon as the party has a pending subsidy, they affirm in the socialist management. "We are going to lower debt", they assure.

After the fall of Banco Popular , which was the most active with political parties, private banking is very reluctant to this type of financing and last year the government decided that ICO would come to the rescue. It was about advancing the money necessary for the electoral campaigns until the Ministry of the Interior finally granted the corresponding subsidies based on the results obtained in the elections.

The Popular Party, among others, has not yet revealed how much it obtained and owes to the ICO, but the PSOE does already provide that information. He received 10.4 million to repay in one year and at an interest rate of 2.75%. The repayment period has expired for more than 5 million euros, but the ICO is not squeezing either the PSOE or other parties with the commitment that as soon as they receive the pending subsidy, they will pay off. "We still have a debt to the ICO of 8.3 million, but as soon as the State pays the electoral subsidy of the municipal and general elections of November 2019, we will return it", assure sources from the PSOE management. The ICO was key for the PSOE and concentrates the bulk of the 13.5 million that the party owes to the financial sector for the 2019 elections. The PSOE must also pay microcredits that it launched at 2.5%. The total debt carried by the PSOE reaches 46 million at the end of 2019. It owes to all the main banks and most of the old savings banks. However, the debt is already far from the 75 million that it reached in 2015 between its poor financial situation and the elections that Sánchez lost then . The idea, according to management, is to continue lowering the debt strongly these years.

At the moment, the accounts of the PSOE have improved after the results of 2019. They were approved by the Executive Commission in late June and Pedro Sánchez and his team were pleased that the ordinary non-electoral debt (32.6 million) has dropped by 13 % over the previous year.

The PSOE reaped a surplus of 4.9 million in 2019, somewhat less than the 6.7 of 2018, but the party manager, Mariano Moreno , has explained to the leadership that it is justified by the effort that the electoral year has required. Moreno managed to manage 128 million throughout the year, if the ordinary budget is added to the extraordinary one that has meant appearing before six electoral processes.

The harvest in votes has also involved high subsidies. It is estimated that total electoral income from public subsidies reached 52.63 million, of which the aforementioned 13.6 million is still pending collection.

However, the total official expenses in the different elections have been 52.53 million. Therefore, the party has received about 100,000 euros more than it spent.

According to the criteria of The Trust Project

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