The first-degree ruling in the Banca CIS trial, which handed down eight convictions for criminal conspiracy, has reopened debate over the political responsibilities tied to the case. Alleanza Riformista, in a statement issued on 8 November, points to the economic consequences for San Marino and the institutional interference it says characterized that period.
“The first-degree ruling in the Banca CIS trial, with eight convictions for criminal conspiracy, lays bare the gravity of an affair that involved banking executives, supervisory bodies and even a magistrate,” Alleanza Riformista writes.
For the political movement, this represents “one of the lowest points in the Republic’s contemporary history, both for the depth of institutional interference involved and for the consequences the country continues to bear.”
The statement recalls the findings of the investigations: “The inquiries reconstructed a scheme to seize control of San Marino’s banking system, through control of the supervisory bodies, the weakening of Cassa di Risparmio, and a planned merger with Banca CIS.
This operation would have allowed CIS’s exposures and irregularities to be blended with those of the state-owned bank, making it harder to establish individual responsibilities.”
Alleanza Riformista cites the appointments at the top of Banca Centrale (San Marino’s central bank), the financial statements of Cassa di Risparmio showing losses exceeding 534 million euros — against the 77 million originally indicated in an earlier plan — and the operation involving Demeter securities. Through the latter, the statement notes, citing the investigations, substantial debts linked to Francesco Confuorti and associates were allegedly wiped out.
The movement then turns its attention to relations with the executive branch. “But the most serious matter concerns the interference with the Government’s actions.
Wiretaps and seized evidentiary material, according to what emerged from the investigations, document Confuorti’s role in suggesting and dictating the content of legislative measures — including those that contributed to the liquidation of Asset Banca.”
In Alleanza Riformista’s view, the danger is that “the Republic’s legislative authority and sovereign prerogatives were bent to serve the interests of a private financier.” The statement also points to interference in the justice system and the first-degree conviction of former magistrate Alberto Buriani.
On the economic front, Alleanza Riformista highlights the scale of the losses and public interventions: “The bill paid by San Marino citizens has been enormous: hundreds of millions of euros in losses and public commitments, over 100 million in pension resources caught up in the CIS collapse, and a 455-million perpetual public debt instrument tied to Cassa di Risparmio’s losses.”
According to the movement, without these events the country’s debt situation today would look radically different. Beyond the financial damage, there is also the harm done to San Marino’s image, its international reputation, and citizens’ trust in institutions.
The statement draws a clear line between criminal findings and political responsibility. “Criminal responsibility is individual, and establishing it is a matter for the judiciary.
But while some have genuinely helped expose and counter this criminal scheme, we cannot ignore the political responsibility of those who, during that same period, held power and made decisions that proved decisive for the Republic.”
This leads to a pointed remark directed at those now sitting in opposition, without naming specific political forces: “Those who today, from the opposition benches, call on others to take responsibility should also reckon with the choices they made when they were in government. Changing one’s seat in parliament does not erase one’s history.”
Finally, Alleanza Riformista acknowledges the value of the battles fought against that system, “often amid intense pressure,” and argues that San Marino is now regaining international credibility, pointing to the improvement in its sovereign rating and its path toward association with the European Union.
“The Republic has paid an extremely high price.
Shedding full light on that period means defending the independence of our institutions and preventing private interests from ever again being able to influence the sovereign decisions of the State.”
