LONDON (ShareCast) - (Sharecast News) - Renault's recently obtained €5n loan backed by the French state will help improve the group's treasury issues, Chairman Jean-Dominique Senard on Thursday, according to Reuters.


The loan, which was guaranteed by the government and was meant to be used as a safety net to help the struggling carmaker overcome the impact of the coronavirus pandemic, would be repaid very quickly it Renault ever drew upon it, Senard said.

"The coronavirus pandemic created some major treasury issues," Senard told a hearing in the lower house of the French parliament.

Senard also said that a further investment by the French government in Renault's capital would not be an ideal use of state resources.

"I've said that it isn't on the table," Jean-Dominique Senard told a hearing in the lower house of the French parliament. "I have nothing against the state, I'm just saying that it's not useful to spend taxpayer money to invest it in a company which needs to find its own resources."

Renault is now 15% owned by the French government.

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