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Business and Economics > Banks and Banking

You are looking at 1 - 10 of 31 items for :

  • Type: Journal Issue x
  • San Marino, Republic of x
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Cover IMF Staff Country Reports
Republic of San Marino: 2024 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. European Dept.
The 2024 Article IV Consultation discusses that San Marino’s economy has remained resilient, with economic activity stabilizing at high levels and record employment, despite the regional slowdown and high interest rates. Growth has slowed due to weakening external demand but remains positive as the decline in manufacturing activity has been offset by strong performance in the service sector. With easing financing conditions and the stabilization of external demand, growth is expected to pick up gradually. Inflation has declined to below two percent and it is expected to remain at low levels. The fiscal position is stronger than expected. The government has saved the cyclical tax revenues, kept expenditures in check, and achieved strong primary balance in 2023. Structural reforms are critical to lift potential growth. The conclusion of the EU association negotiations, which signals strong commitment to deeper integration with the EU, is welcome. The successful implementation of the agreement is a priority to enhance productivity and the authorities should ensure sufficient resources and staff are available to support implementation without undermining the fiscal consolidation path.
Keywords:
Sta balance of payments statistics; article IV consultation discussion; Sta government finance statistics; Sta GDDS metadata development; currency of San Marino; Fiscal stance; Nonperforming loans; Pension spending; Global; Europe
Cover IMF Staff Country Reports
Republic of San Marino: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper compares Sammarinese banks with nearby Italian banks with similar business models, highlighting gaps in asset quality, capital adequacy, and cost efficiency. Individual banks can boost profits by reducing the high operating costs and increasing the share of income-generating assets. If within bank consolidation is insufficient to restore competitiveness, system-wide consolidation can be considered to achieve economies of scale. It is key to improve the competitiveness of the banking sector well-ahead of the 15-year time frame granted by the EU association agreement. The analysis shows most San Marino banks need to catch up in terms of asset quality, capital adequacy and cost efficiency. A system-level consolidation can be considered. The banking sector remains oversized. The number of bank branches needs to be reduced by more than two thirds to reach the EU level. The share of income-generating assets should also be increased.
Keywords:
Nowcasting GDP; NOWCASTING tool; businesses' expectation; association agreement; DFM approach to Nowcasting; A. comparing San Marino bank; San Marino bank; Small and medium enterprises; Income; Manufacturing; Commercial banks; Global
Cover IMF Staff Country Reports
Republic of San Marino: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino
International Monetary Fund. European Dept.
San Marino entered the pandemic with substantial vulnerabilities and still struggling from the consequences of the Global Financial Crisis (GFC). However, the economy has shown significant resilience supported by a timely and targeted policy response. Fiscal support was substantially scaled up after external borrowing was secured, including through a debut Eurobond. The banking system was rationalized, partly capitalized, its liquidity substantially improved, and a strategy is being adopted to address exceptionally high nonperforming loans (NPLs). Some of these measures, while effective, have increased official public debt substantially.
Keywords:
banking sector liquidity; Sta government finance statistics; vis-a-vis nonresident; liquidity of the banking system; boosted liquidity; Sta balance of payments statistics; Commercial banks; Fiscal stance; Nonperforming loans; Pension spending; Global; Europe
Cover Policy Papers
Fifteenth General Review of Quotas— Additional Considerations and Data Update
International Monetary Fund. Finance Dept.
,
International Monetary Fund. Strategy, Policy, &amp
,
Review Department
, and
International Monetary Fund. Statistics Dept.
This paper provides background for a further round of discussions on the Fifteenth General Review of Quotas (hereafter 15th Review). The paper builds on work presented in previous staff papers and Directors’ views expressed in three meetings of the Committee of the Whole in September 2017 and February 2018. No proposals are presented at this stage, pending further Board guidance on possible approaches to narrowing the current differences of views.
Keywords:
data update; quota share; GDP blend; quota formula reform; quota resource; Purchasing power parity; Capital flows; Capital account; Balance of payments statistics; Reserve assets; Africa; Global; Middle East; Western Hemisphere
Cover IMF Staff Country Reports
Republic of San Marino: 2020 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. European Dept.
This 2020 Article IV Consultation discusses that San Marino is now facing very significant challenges owing to the recent coronavirus disease 2019 (COVID-19) outbreak, which has taken a heavy toll on local population and businesses. The staff report reflects discussions with the Sammarinese authorities in January 2020 and is based on the information available as of January 31, 2020. It focuses on San Marino’s near- and medium-term challenges and policy priorities and was prepared before COVID-19 became a global pandemic and resulted in unprecedented strains in global trade, commodity, and financial markets. It, therefore, does not reflect the implications of these developments and related policy priorities. The outbreak has greatly amplified uncertainty and downside risks around the outlook. Staff is closely monitoring the situation and will continue to work on assessing its impact and the related policy response in San Marino and globally. With no credible measures to restore banking system health and in the face of a continued weak external environment, economic growth is projected to remain subdued in the coming years. Slow progress in repairing the banking system and failure to restore fiscal sustainability are the key and material risks.
Keywords:
ISCR; CR; authority; law enforcement personnel; containment measure; health crisis; loan instalment; near-term effort; vis-à-vis nonresident; government liquidity buffer; Commercial banks; Nonperforming loans; Financial statistics; Pension spending
Cover IMF Staff Country Reports
Republic of San Marino: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino
International Monetary Fund. European Dept.
This Article IV Consultation highlights that deep-rooted weaknesses in the banking system have undermined economic activity and are now threatening financial stability and fiscal sustainability. Significant deposit outflows have left the banking system with low liquidity, while persistent losses and high non-performing loans (NPLs) resulted in sizable recapitalization needs, particularly in the state-owned bank. Growth is projected to remain subdued in the coming years, reflecting continued banking sector deleveraging and a less favorable external environment, most notably in Italy. Slow progress in repairing the banking sector, and full and upfront recognition of the state’s financial commitments to the banking system are the key risks. Urgent actions are needed to restore banking sector viability and credit supply, safeguard public finances, and promote sustained economic growth. It is recommended to strengthen labor supply by better targeting social benefits and further relaxing the hiring process of non-residents.
Keywords:
ISCR; CR; government; Sammarinese authorities; state support; staff; banking system; Sta government finance statistics; liability positions vis-à-vis nonresident; government transfer; Commercial banks; Nonperforming loans; Tax allowances; Europe; Global
Cover IMF Staff Country Reports
Republic of San Marino: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino
International Monetary Fund. European Dept.
This 2018 Article IV Consultation highlights that San Marino’s economy rebounded in 2016, on the back of recovering domestic demand and important gains in employment. However, the growth momentum slowed in 2017 amid financial sector uncertainties around a sizable loss at the largest bank and a closure of a small bank. Only moderate growth is projected in the near and medium term. The economy is projected to grow at 1.3 percent in 2018, driven by domestic demand. Private consumption is expected to recover gradually, and an externally financed investment project will add a significant boost to investment, which otherwise lacks support from the deleveraging banking sector.
Keywords:
ISCR; CR; government; Sta balance of payments statistics; authorities of the Republic of San Marino; IMF staff calculation; liability positions vis-à-vis nonresident; growth momentum; banking system vulnerability; banking sector vulnerability; banking sector clean-up; banking sector repair; Commercial banks; Financial sector stability; Financial statistics; Tax allowances; Europe; Global
Cover IMF Staff Country Reports
Republic of San Marino: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino
International Monetary Fund. European Dept.
This 2017 Article IV Consultation highlights the slow recovery of San Marino’s economy after a deep recession following a series of financial sector shocks. Growth resumed in 2015 and accelerated in 2016 to an estimated 1 percent, thanks to stronger domestic and external demand. Moderate growth is expected in the near and medium term. GDP growth is projected to reach 1.3 percent in the medium term, driven by continued expansion in nonfinancial industries and services. However, following the current trend, the pace of growth would not be strong enough to bring output to precrisis levels over the next five years as risks remain tilted to the downside.
Keywords:
ISCR; CR; staff appraisal; CRSM's capital adequacy ratio; Cassa di Risparmio di San Marino; surveillance committee; real estate asset; IMF staff calculation; Nonperforming loans; Commercial banks; Asset quality review; Loans; Global
Cover IMF Staff Country Reports
Republic of San Marino: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino
International Monetary Fund. European Dept.
This paper assesses key issues related to the economy of the Republic of San Marino. It remains in transition following the implosion of its offshore banking model in the aftermath of the global crisis, resulting in the loss of a third of output. The impact of the global financial crisis, which led to a massive outflow of nonresident deposits and a sharp downsizing of its large financial sector, caused an extraordinary loss of a third of San Marino’s output—the largest in Europe. A number of important steps need to be taken for sustainable growth strengthening the banking system, realigning fiscal policy, and improving flexibility to enable the diversification.
Keywords:
ISCR; CR; economy; IMF staff calculation; Sammarinese authorities; Sta balance of payments statistics; Sta government finance statistics; performing loan; banking system liquidity situation; Nonperforming loans; Commercial banks; Loans; Global; Europe
Cover IMF Staff Country Reports
Republic of San Marino: Selected Issues
International Monetary Fund. European Dept.
This paper offers elements of a possible strategy to deal with San Marino’s nonperforming loans (NPLs). It provides a brief overview of the reasons behind the accumulation of impaired assets by Sammarinese banks. This paper also presents some stylized facts regarding the nature and composition of San Marino’s problem loans. Further, it summarizes the experience of other small economies in dealing with weak banks and NPLs, with a view to drawing policy lessons. This paper also discusses recent measures implemented by the Sammarinese authorities to address weak financial institutions and their problem assets and examines the main impediments to deal with NPLs in San Marino’s legal and tax framework.
Keywords:
ISCR; CR; recapitalization plan; Sammarinese bank; asset quality; secrecy regime; transferring bank; bank secrecy status; insolvency process; debt enforcement procedure; recipient bank; banks default; Nonperforming loans; Solvency; Debt restructuring; Loans; Commercial banks; Europe