Deutsche Bank AG denied a loan to then-candidate Donald Trump during his 2016 presidential campaign, the New York Times reports.

Trump’s request was rejected by the bank’s top management committee, which at the time included future Chief Executive Officer Christian Sewing, according to three unidentified people cited by the Times. Among its concerns was that if Trump won the election and eventually defaulted, the bank would have to choose between not collecting the debt and seizing assets of the U.S. president, the newspaper said.

The Trump Organization sought a loan against its Miami resort to pay for work on a golf property in Turnberry, Scotland, according to two of the people.

Trump Organization spokeswoman Amanda Miller called the story “absolutely false,” the Times said. While saying the company hadn’t needed outside funding for Turnberry, she didn’t specifically address whether it asked Deutsche Bank for a loan, the newspaper said. A Deutsche Bank spokesman declined to comment, the Times said.