San Marino: Financial Sector Assessment Program: Financial System Stability Assessment

IMF Staff Country Reports, October 20, 2010

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San Marino: Financial Sector Assessment Program: Financial System Stability Assessment

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Bibliographic details

• Published: October 20, 2010
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781455208685.002

Executive findings

• Stress tests indicate that the main vulnerabilities of the banking sector of San Marino relate to deposit outflows or to a deterioration of credit quality.
• These risks are particularly high for the largest bank.
• There is no effective mechanism to provide liquidity to banks.
• The nonbank financial sector in San Marino consists of just over 50 small companies, but has growth potential.
• The governing body of the Central Bank of San Marino (CBSM) should be subject to clearer and stronger accountability, and be more independent from the government.

Policy implications and recommendations

• Address deposit outflow risk and deterioration in credit quality, with particular focus on the largest bank given its heightened vulnerability.
• Establish an effective mechanism to provide liquidity to banks.
• Foster development of the nonbank financial sector, leveraging its growth potential while ensuring appropriate oversight.
• Strengthen the accountability framework for the governing body of the Central Bank of San Marino (CBSM) and increase its independence from the government.

Thematic subjects and keywords

• Subject: Asset and liability management, Crime, Financial institutions, Financial sector policy and analysis, International organization, Monetary policy, Money
• Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Bank credit, bank risk, CBSM statute, Commercial banks, Financial Sector Assessment Program, Global, Liquidity, liquidity position, Sammarinese bank, secrecy regime

Source: IMF Staff Country Reports — "San Marino: Financial Sector Assessment Program: Financial System Stability Assessment", October 20, 2010.

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• Republic of San Marino — Financial System Stability Assessment
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  • Republic of San Marino — Financial System Stability Assessment (PDF)