Strengthening ties with the Bank of Italy, the European Central Bank and the European Supervisory Authorities, reinforcing San Marino’s banking oversight, attracting international investors, and finally settling the Clarifying Addendum. This is the direction set out in the motion approved by the Third Standing Council Committee on Finance during its closed-door session on 2 July, the minutes of which have now been declassified.
The document, approved with 11 votes in favour, none against and 3 abstentions, formally commits the State Congress to a series of initiatives aimed at consolidating the Republic’s banking system and guiding it through the process of integration with the European market.
Among the most significant commitments is the launch of institutional talks with the Italian Republic, and between the Central Bank of the Republic of San Marino and the Bank of Italy, aimed at finalising the contents of the Clarifying Addendum — a step considered strategically important for strengthening cooperation on financial supervision.
The Government will also be required to submit, within six months, a comprehensive report to the Finance Committee on the state of health of San Marino’s banking system, examining the weaknesses flagged by international bodies and outlining the measures needed to strengthen the sector. Subsequently, once repayment of the Senior bonds has been completed, the issue will also be brought before the Grand and General Council (Consiglio Grande e Generale), where a political debate will be opened on the outcome and usefulness of the state guarantee granted in the securitisation operation.
The motion also aims to strengthen the Central Bank, calling for a review of the structure of its supervisory function to boost its effectiveness, specialisation and credibility in the eyes of European institutions. It also proposes the possibility of bringing in outside expertise with experience in European financial supervision systems.
Another key point concerns strengthening international cooperation between the Central Bank, the ECB, the Bank of Italy and other European authorities, through technical assistance, information exchange, coordinated inspections, training programmes and alignment with EU standards.
Finally, the document calls on the State Congress to draw up a genuine national strategy to relaunch the banking system, encouraging the consolidation of banking institutions, the entry of operators with international standing, the attraction of new qualified investors, and a stronger capacity within the sector to support households and businesses.
Full Text of the Motion
STANDING COUNCIL COMMITTEE ON FINANCE, BUDGET AND PLANNING; CRAFTS, INDUSTRY, COMMERCE; TOURISM, SERVICES, TRANSPORT AND TELECOMMUNICATIONS, LABOUR AND COOPERATION
Closed session of 2 July 2026
SUBJECT: Motion committing the State Congress to launch talks aimed at strengthening cooperation between the Central Bank and the ECB, the European Supervisory Authorities and the Bank of Italy — with the aim of defining the contents of the Clarifying Addendum — and to submit, within six months, to the Third Council Committee, a comprehensive report on the state of San Marino’s banking system, opening the way to a subsequent debate in the Grand and General Council.
THE STANDING COUNCIL COMMITTEE ON FINANCE, BUDGET AND PLANNING; CRAFTS, INDUSTRY, COMMERCE; TOURISM, SERVICES, TRANSPORT AND TELECOMMUNICATIONS, LABOUR AND COOPERATION
in its closed session of 2 July 2026
with 11 votes in favour, 0 against, 3 abstentions, approves the following motion:
“The Standing Council Committee on Finance, Budget and Planning; Crafts; Industry, Commerce; Tourism, Services, Transport and Telecommunications, Labour and Cooperation
Whereas
the banking and financial system is an essential sector for the competitiveness of the real economy, for households’ and businesses’ access to credit, and for the full integration of the Republic of San Marino into the European market;
Recalling
the motion approved by the Grand and General Council in its session of 21 March 2025, which committed the Government to identifying the best possible content for the Clarifying Addendum in order to strengthen cooperation between the Republic of San Marino and the Italian Republic on financial supervision matters;
Noting
- the statements made by the Secretary of State for Foreign Affairs during the joint session of the Standing Council Committee on Foreign Affairs on 29 April 2026, which described the Clarifying Addendum and the dialogue between the San Marino and Italian governments, as well as between their respective banking and financial supervisory authorities, as an absolute priority for the Government of the Republic;
- the information and clarifications provided by the Supervisory Authority of the Central Bank of the Republic of San Marino during the hearing before the Standing Council Committee on Finance on 23 April 2026, which revealed that the CBSM is pursuing an active policy of engagement with other supervisory authorities, including the Bank of Italy, the EBA and the ECB;
- the significant improvements across San Marino’s banking and financial system, as reflected in reports by the International Monetary Fund and by rating agencies assessing San Marino’s economic and financial system;
Considering that
- the Association Agreement with the European Union provides for a gradual alignment of the financial services sector with the EU acquis, with a maximum term of fifteen years, but makes access to individual segments of the European financial market conditional on full transposition and effective implementation of European legislation, on the existence of genuine supervisory capacity, and on the finalisation of cooperation protocols with the competent authorities;
- the International Monetary Fund highlights the challenges facing San Marino’s banking system, particularly with regard to its earning capacity, asset quality, business model sustainability, and the need for greater capitalisation of its institutions;
Noting further that
- definitively overcoming past shortcomings and further strengthening San Marino’s banking system require a shared strategy for its consolidation and development;
- strengthening and stabilising the banking system is a shared responsibility between political institutions, the Central Bank of the Republic of San Marino, and industry operators;
- recent events concerning ownership structures, authorisation processes and industrial prospects at leading San Marino banks have highlighted the need for greater coordination among all institutional stakeholders involved;
Agreeing that
- strengthening cooperation between the Central Bank, the ECB, the European Supervisory Authorities and the Bank of Italy is strategically important for speeding up access to the European market;
- the European association process represents a major opportunity to strengthen San Marino’s supervisory framework and encourage the entry of banking and financial operators of international standing into the country;
Commits the State Congress
1) to launch institutional talks with the Italian Republic and between the Central Bank and the Bank of Italy aimed at defining the contents of the Clarifying Addendum;
2) to submit, within six months, to the Finance Committee a comprehensive report on the state of San Marino’s banking system, on the shortcomings identified by international bodies, and on the measures needed to ensure its strengthening and development, and, once repayment of the Senior bonds has been completed, to open a debate among political forces in the Grand and General Council to assess the outcome and usefulness of the guarantee provided by the State in the securitisation operation;
3) to support the strengthening of the Central Bank, including through a review of the structure and operating methods of its supervisory function;
4) to consider strengthening banking supervision by bringing in outside professionals with proven experience in European financial supervision systems;
5) to support cooperation between the Central Bank and the Bank of Italy, the ECB, the European Supervisory Authorities and other competent foreign authorities through technical assistance, information exchange, coordinated inspection activities, specialised training programmes, peer reviews and methodological alignment with European standards;
6) to draw up a national strategy for the strengthening, consolidation and modernisation of San Marino’s banking system, encouraging the attraction of qualified investors, the entry of operators with international standing, and greater capacity within the sector to finance the real economy.”
