Transparency over the pay of Central Bank executives and the application of the €100,000 gross annual cap set out in San Marino legislation. This is the subject of a parliamentary motion tabled on 1 September by councillors Tomaso Rossini, Ilaria Bacciocchi and Maria Donatella Merlini, who are asking the State Congress for a series of clarifications on the pay of senior figures at the Central Bank of the Republic of San Marino.
The starting point is Law no. 113 of 23 August 2016, passed after the referendum of 15 May of the same year, when 10,093 citizens — equal to 63.63% of valid votes — voted in favour of a cap on public-sector pay. “In implementation of the will expressed in the referendum, Law no. 113 of 23 August 2016 set a limit of €100,000 gross per year for employees of the State and public bodies, expressly including the Central Bank of the Republic of San Marino and its senior positions,” the motion states.
What prompted the doubts of the three councillors are in particular the figures contained in the Central Bank’s 2025 financial statements. According to the motion, two executives are recorded with a total cost of €383,975 in 2025, compared with €363,088 in 2024. The signatories point out, however, that this represents the overall cost borne by the institution and may include, in addition to gross salaries, contributions and other charges payable by the employer.
For this very reason, they stress, the available data make it impossible to establish how much each executive actually receives. “Based on the published information, it is therefore not possible to verify what remuneration is actually paid to each executive or how it is reconciled with the €100,000 gross annual cap set by law,” the document states.
The motion then raises a broader question. “If the limit were found to have been exceeded without a specific derogating provision, we would be facing a problem of compliance with the law and with the will expressed by citizens. If, on the other hand, it were considered necessary to offer higher pay for certain roles in order to attract adequate professional expertise, a second problem would emerge: that of legislation which is formally in force but substantially no longer compatible with the needs the country now faces.”
The document also draws a comparison with the Bank of Italy, where in 2025 the twelve Heads of Department reportedly received gross salaries ranging between €211,433 and €249,397, with an average of €231,770. The signatories nevertheless point out that the comparison cannot be automatic, given the different size, functions and responsibilities of the two institutions.
Another section concerns the internal balance of power within the Central Bank. In the 2025 financial statements, the councillors note, a total of €133,136 is recorded for board members and €34,639 for auditors. “While the individual breakdown of pay is not known, the aggregate figure shows that the economic weight of Management is markedly greater than that of the bodies responsible for administration and oversight,” the motion points out.
There are 14 questions put to the State Congress. Among the requests are an official interpretation of how the €100,000 cap applies to the Central Bank, a breakdown of the €383,975 attributed to the two executives, the pay awarded to senior figures over the 2023-2025 three-year period, and whether any increases, bonuses, allowances or other financial components have been granted.
Rossini, Bacciocchi and Merlini also ask whether new pay rises are planned or under consideration for senior figures, and ask the State Congress whether it still considers the framework introduced in 2016 to be adequate or whether it needs to be revised, providing for explicit exemptions where necessary, verifiable criteria, disclosure obligations and controls.
The motion concludes by asking that, before any new pay increases are granted, the Congress verify “full compliance with the law of the remuneration currently paid” and report back to the Grand and General Council (Consiglio Grande e Generale). The three councillors have requested a written reply, accompanied by the relevant documents and tables on the pay of senior officials.
