The Central Bank of San Marino (Banca Centrale della Repubblica di San Marino, Bcsm) wants to shorten the timeline for European financial integration, compared with the process that could take up to fifteen years under the association agreement. This is one of the key points to emerge from an article by Carlotta Scozzari published on 26 October in Affari & Finanza, dedicated to the Titano’s opening to the single market.
The agreement signed on 19 October opens new prospects for banks and financial intermediaries, but access to financial markets will not be automatic. It will proceed sector by sector, following checks on rules, supervision and the overall soundness of the system.
Bcsm President Catia Tomasetti has set the goal of completing the process more quickly, noting that some sectors are already aligned with European standards. A European passport would allow San Marino operators to work within the Union on a reciprocal basis, widening choice and competition for households and businesses alike.
Supporting this step forward are the results of the sector’s clean-up. According to figures cited by the newspaper, the share of gross non-performing loans fell from 61.3% in 2019 to 14.7% as of 30 June 2026, passing through 24.6% in June 2024. The 2023 securitisation operation contributed significantly to this reduction.
Meanwhile, bank deposits have changed shape, now standing at €7.3 billion, compared with €14.5 billion in 2008. The share attributable to non-residents has dropped from more than 60% to under 10%.
Bcsm Director General Andrea Vivoli pointed to the work carried out on asset quality, institutions’ capital base, governance and the effectiveness of controls. In 2024, bilateral talks also began with the European Banking Authority on cooperation and the exchange of supervisory information.
Sensitive issues remain unresolved. Affari & Finanza recalls the attempted takeover of Banca di San Marino by Starcom Holding, with the trial set to begin on 29 October, while the parliamentary inquiry commission continues its work.
San Marino is also looking toward new partnerships: talks are underway with Italian operators to modernise IT systems, while the Republic seeks a solid European partner willing to support the strengthening of the banking system, including through capital injections.
