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

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2010 Issue 317

Publication date: October 2010

ISBN: 9781455208685

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Topics covered in this book

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Banks and Banking , Finance , Money and Monetary Policy , International - Economics , Sammarinese bank , liquidity position , bank risk , secrecy regime , CBSM statute , Commercial banks , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Financial Sector Assessment Program , Liquidity , Bank credit , Global

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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. 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.