The Nationalist Party spent €1.3 million on its electoral campaign, excluding wages, it said today.

Money was used on advertising, political activities and initiatives on social media, the party said. All of it was collected from donations and all bills related to the campaign were paid in full. This, the PN said, meant that it did not borrow any money for the campaign.

In a statement, the PN said that it had presented its accounts to the Electoral Commission in the past days, ensuring it was in line with party financing legislation.

It said the figures showed that the financial restructuring it embarked upon in 2014 was bearing fruit, with much of the party’s existing debt being paid off and bank loan interest being reduced.

Moreover, the party still had properties, including clubs and its headquarters, the value of which exceeded that of its debt.

Ends 2016 with loss of €1.6 million

The party said that last year it registered an income of €1.4 million with expenses amounting to €1.1 million, registering a profit of €300,000.

However, when one took the subsidies the party passed on to its subsidiaries into consideration, the PN closed 2016 with a loss of €1.6 million.

In the coming weeks and months, the PN would be taking more decisions to ensure that the financial plan spread on a 15-year period would continue to be implemented, the party said.