The Central Bank of San Marino has published its Quarterly Information Bulletin for the fourth quarter of 2025, covering supervisory activity, regulatory developments and key financial system data as at 31 December 2025. It reports continued improvements in the banking system’s technical indicators alongside broadly stable numbers of financial sector participants, and describes a progressive approximation to European standards, notably on fit and proper requirements and the system safety net. Compared with 30 September 2025, total banking system deposits increased 1.6% to EUR 6.997 billion, with indirect deposits up 2.6% (EUR 83 million) and direct deposits up 0.7% (EUR 26 million). Gross cash exposures to customers rose 0.5% to EUR 1.097 billion, while gross impaired exposures fell 1.6% to EUR 179 million, with the gross NPL ratio at 16.3% (11.1% net) and a 36.4% coverage ratio on impaired exposures (50.4% on bad loans). Banking system net worth increased 3.9% to EUR 358 million and the net worth-to-assets ratio rose to 8.1%. The bulletin also references Regulation No. 2025-04 establishing an investor compensation fund (effective 23 October 2025) and Regulation No. 2025-05 consolidating and updating fit and proper requirements for corporate officers (effective 29 January 2026), including differentiated regimes for type A, B and C financial firms, an “independence of mind” assessment, and an independent director requirement extended to banks, investment firms and crypto-asset firms. COOVIG recorded 29 supervisory deliberations in the quarter, including the refusal of a foreign group’s application to acquire a majority stake in Banca di San Marino. A public consultation on a draft package of targeted revisions to existing supervisory rules was completed in the quarter, with the measure adopted in January 2026 and due to be addressed in the first-quarter 2026 bulletin.
Central Bank of San Marino 2026-04-13
Central Bank of San Marino publishes Q4 2025 bulletin reporting deposits up 1.6% to nearly EUR 7bn and new investor compensation and fit and proper rules
The Central Bank of San Marino’s Q4 2025 Quarterly Information Bulletin reports continued improvements in banking indicators, broadly stable financial sector participation, and further alignment with European standards on fit and proper rules and the financial safety net. Key developments include Regulation No. 2025-04 establishing an investor compensation fund, Regulation No. 2025-05 updating fit and proper requirements with differentiated regimes and extended independent director obligations, and COOVIG supervisory action, including refusal of a foreign group’s bid for a majority stake in Banca di San Marino.