The plot thickens…..
Just as Swedish news services are reporting that a Saab board meeting is taking place where they’ll consider filing for a business reorganisation plan, a representative of the European Investment Bank has confirmed on Swedish radio that Saab have applied for a loan with them.
EIB confirms Saab’s application for loan
The European Investment Bank, EIB, has confirmed that Saab has submitted a request for a loan, and also submitted its business plan as a basis for the loan.
Mats Gunnarsson, advisers EIB:
– We can confirm that we have had talks with the Saab and they want to borrow money by the Bank. The next step is that we make an evaluation of the business plan and the project that the borrower wants to do, then we will make an internal decision here at the bank, “says Mats Gunnarsson adviser to the European Investment Bank.
If it would be commercially interesting for the EIB, it is thus clear that Saab would get a loan then?
– No, not in this case in that Saab is owned by GM, which has very low credit ratings. This means that in this case we will require additional guarantees, for example, a government guarantee.
So you can say that the ball is in government?
– Above all is that of GM and the government.
It seems that there is a degree of political influence over a loan?
– Yes, but we are also a political bank, we are owned by the Member States, so we are governed by commercial decisions but also political.
So whilst they’ve made the application, it would seem that the application was definitely made prior to Maud Olofsson getting all mad at GM. And it seems that the loan application has little-to-no chance of success whilst GM are Saab’s parent and the bank require a government guarantee.