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Economy and Banking Sector of San Marino

Deposit Guarantee Scheme

Maximum Protected Amount
50,000 EUR

Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in San Marino are summarised in Table 1.

Scheme Participants
all credit institutions operating in San Marino (including branches of foreign banks)
branches of San Marino's banks abroad
Eligible Depositors
natural persons
  • residents of San Marino
  • citizens of San Marino
  • foreign residents
  • foreign citizens
legal entities
  • registered in San Marino
  • registered abroad
Non-Eligible Depositors
banks
pension and retirement funds
public authorities
Covered Accounts
current accounts
savings accounts
time deposit accounts
certificates of deposit
Non-Covered Accounts
deposits lower than 100 EUR
Covered Currencies
all currencies, namely
  • EUR (Euro)
  • foreign currencies
Maximum Protected Amount
50,000 EUR
Paid In Currency
Euro; if the depositor is resident abroad can be paid in the currency of his/her country of residence

Table 1. Deposit guarantee scheme in San Marino.

Further Information

Country Ceiling for Deposits

Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.

Local Currency (Euro)
-
Foreign Currency
Aaa (prime)

Foreign currency deposit ceiling for San Marino is Aaa (prime).

Banking Supervision

Central Bank of San Marino

Banking Sector Structure

Number of Banks
8
Consolidated Assets (2017)
4,797.88 mln EUR  (-3.24%)
Recent Changes (2017)
new banks: 0, closed banks: 2

Currently there are 8 credit institutions operating in San Marino.

In 2017 consolidated banking assets in San Marino were 4,797.88 mln EUR. The consolidated banking assets' evolution is shown at Chart 1 below.

Consolidated banking assets in San Marino.

Chart 1. Consolidated banking assets in San Marino.

Recent structural changes (2013 - 2017) of the banking sector of San Marino are summarised in Table 2.

20132014201520162017
Number of Opened Banks00000
Number of Closed Banks00002

Table 2. Recent structural changes in the banking sector of San Marino.

All the credit institutions operating in San Marino can be classified into several categories. Table 3 summarises the number of banks in each category.

CategoryNumber of Banks
Banks7
Central banks1

Table 3. Number of banks by category in San Marino.