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

_IMF Staff Country Reports, October 20, 2010_

## Source details

**Canonical URL:** [San Marino: Financial Sector Assessment Program: Financial System Stability Assessment](https://www.imf.org/en/publications/cr/issues/2016/12/31/san-marino-financial-sector-assessment-program-financial-system-stability-assessment-24288)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/san-marino-financial-sector-assessment-program-financial-system-stability-assessment-24288/index.md)
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## Bibliographic details
- Published: October 20, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455208685.002

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### 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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## Content in this bundle

- **Republic of San Marino — Financial System Stability Assessment**
  - [Republic of San Marino — Financial System Stability Assessment (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10317.pdf.md){rel="alternate" type="text/markdown"}
  - [Republic of San Marino — Financial System Stability Assessment (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10317.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/san-marino-financial-sector-assessment-program-financial-system-stability-assessment-24288_