Republic of San Marino: Staff Report for the 2014 Article IV Consultation

International Monetary Fund

No 2014/104, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2014 Article IV Consultation on the Republic of San Marino highlights global crisis and tense relations with Italy, which triggered a 30 percent GDP contraction since 2008 and a sea change in San Marino’s off-shore banking model. High liquidity in the system allowed banks to withstand the shock to deposits. Cassa di Risparmio della Repubblica di San Marino, the largest bank, has required 13 percent of GDP in public support. The deep recession and bank recapitalization costs are weighing heavily on public finances.

Keywords: ISCR; CR; bank; IMF staff calculation; Sammarinese economy; GDP; government; Sta government finance statistics; staff view; Sta balance of payments statistics; Nonperforming loans; Loan loss provisions; Commercial banks; Loans; Creditor bail-in; Europe; Global (search for similar items in EconPapers)
Pages: 38
Date: 2014-04-29
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