{
  "title": "San Marino: Financial Sector Assessment Program: Financial System Stability Assessment",
  "publication": "IMF Staff Country Reports, October 20, 2010",
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  "summary": "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, and these risks are particularly high for the largest bank. There is no effective mechanism to provide liquidity to banks.",
  "sections": [
    {
      "heading": "Executive findings",
      "content": "- 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.\n- These risks are particularly high for the largest bank.\n- There is no effective mechanism to provide liquidity to banks.\n- The nonbank financial sector in San Marino consists of just over 50 small companies, but has growth potential.\n- 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."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Address deposit outflow risk and deterioration in credit quality, with particular focus on the largest bank given its heightened vulnerability.\n- Establish an effective mechanism to provide liquidity to banks.\n- Foster development of the nonbank financial sector, leveraging its growth potential while ensuring appropriate oversight.\n- Strengthen the accountability framework for the governing body of the Central Bank of San Marino (CBSM) and increase its independence from the government."
    },
    {
      "heading": "Thematic subjects and keywords",
      "content": "- Subject: Asset and liability management, Crime, Financial institutions, Financial sector policy and analysis, International organization, Monetary policy, Money\n- 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\n\nSource: IMF Staff Country Reports — \"San Marino: Financial Sector Assessment Program: Financial System Stability Assessment\", October 20, 2010.\n\n---\n\n Content in this bundle\n\n- Republic of San Marino — Financial System Stability Assessment\n  - Republic of San Marino — Financial System Stability Assessment (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Republic of San Marino — Financial System Stability Assessment (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: October 20, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455208685.002",
    "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.",
    "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.",
    "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",
    "**Republic of San Marino — Financial System Stability Assessment**"
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