Repubblica Futura has renewed its attack on the Secretary of State for Finance, Marco Gatti, over the state of San Marino’s banking system, arguing that the resolution approved by the Permanent Council Commission for Finance marks a turning point in acknowledging the sector’s critical issues.
The document approved by the Commission commits the Congress of State to launching institutional dialogue with the Italian Republic, and between the Central Bank and the Bank of Italy, to define the Clarifying Addendum. It also calls for a comprehensive report within six months on the state of San Marino’s banking system and the critical issues raised by international bodies, for strengthening the Central Bank and its supervisory function — including through the involvement of external professionals — for promoting cooperation with the Bank of Italy, the ECB and European supervisory authorities, and for drawing up a national strategy to strengthen and modernize the banking system by encouraging the entry of qualified investors and operators of international standing.
In its statement, Repubblica Futura says it has reproduced the full text of the resolution “to make a necessary disclosure regarding what has occurred.”
According to the movement, “for the first time in the last six years, the majority has put in writing, with realism, the structural problems of the national financial system. For the first time, thanks to RF’s efforts, we have managed to break through the regime of secrecy that Marco Gatti has imposed for years over developments in the financial sector. This secrecy was not required by the sensitivity of the matter, but was necessary to conceal the absence of any real policy in the national financial sector.”
Repubblica Futura links this situation to the upcoming Association Agreement with the European Union, arguing that “now that we are just one step away from signing the Association Agreement with the European Union, the fragilities hidden for years are becoming more evident — structural fragilities compounded by the state secrecy with which Gatti has imposed silence on potentially explosive issues.”
The movement also takes aim at the handling of non-performing loans (NPLs) and the securitization operation. “The management of NPLs and the securitization process — costs, benefits and impacts. Silence reigns here, even as the fleet of company cars for the professionals involved keeps growing,” the statement reads.
Repubblica Futura also brings up the situation of a private credit institution. “The fate of a private bank is one of San Marino’s best-kept secrets, alongside the case of the emptied safety deposit boxes. Twelve months ago, capital increases, a new shareholder and an industrial recovery plan were said to be necessary; today Gatti — the same man who once showed up in shorts at the bank’s shareholders’ meeting to back its sale — has nothing to say.”
The statement also references “rumors about the involvement of a Maltese entity in the ownership assets of either the state bank or the aforementioned private bank,” along with a mention of the Central Bank’s role. On this point, the movement states that “the memorandum with the Bank of Italy has vanished from the radar, and the outcomes of the Association Agreement have forced upon us a harsh lesson in humility. Despite the Italian-led governance to which the government and majority entrusted the leadership of Via del Voltone, no progress has been made, and the current situation appears to reflect the failure of an organizational project and mission with respect to systemic goals.”
The movement concludes by calling for greater transparency in government action. “Repubblica Futura demands transparency. Marco Gatti is playing banker without any money, leaving the financial sector in limbo.”
In support of its position, RF points to the example of Andorra: “In Andorra, the financial sector employs nearly 3,000 people, operates across four continents, and accounts for 13% of GDP. We cite these figures to show how serious policies have produced concrete results in other small states.”
Finally, the movement issues an appeal to the majority: “Repubblica Futura calls on the majority to show courage. You have taken a small step; now it is essential to carry out what the Commission established in its resolution. RF will be watching closely. We know that Gatti’s recurring temptation is to lock everything away, and that is something we can no longer afford, with the EU Association Agreement looming. There is also the role of the Central Bank, which — for the good of the country — we would like to see move beyond its ghostly presence on Via del Voltone and step into the dynamism of the supervisory authorities that support the economy and the nation.”
