President Renato Clarizia Website www.bcsm.sm | Established 2005 Succeeded by European Central Bank | |
Preceded by Istituto di Credito SammarineseIspettorato per il Credito e le Valute Founded 29 June 2005, San Marino, San Marino | ||
The Central Bank of the Republic of San Marino (CBSM), (Italian "Banca Centrale della Repubblica di San Marino"), is the central bank of San Marino. The current president is Wafik Grais.
Contents
- Powers of the CBSM
- The Central Banks relations with State institutional bodies and foreign and international banking and financial bodies
- Shareholders
- Governing Council
- Director General
- Supervision Committee
- Board of Statutory Auditors
- Headquarters
- Linked items
- References
The CBSM was established through a merger between the Istituto di Credito Sammarinese – San Marino Credit Institute - (a body with public and private shareholders acting as the central bank of the Republic of San Marino) and the Ispettorato per il Credito e le Valute - Inspectorate for Credit and Currencies - (a Public Administration Office charged with supervisory and combating money-laundering activities). The Central Bank’s endowment fund is currently 12,911,425.00 Euros divided into 2,500 indivisible registered shares worth 5,164.57 Euros each. The possessory title of these shares is reserved to the State, as majority shareholder, and to San Marino undertakings engaged in credit, financial and insurance activities. Pursuant to art. 3 of its Statutes the Central Bank of the Republic of San Marino will exercise its powers for the purpose of:
The Central Bank will be answerable for the attainment of its objectives to the Grand and General Council (Parliament).
Powers of the CBSM
In order to achieve the objectives and carry out the functions assigned by Law, the Central Bank, through its organs and in its respective areas of competence, may adopt measures, to include those in the form of regulations, orders, circulars, standard letters, recommendations and instructions, which will, besides being of a cogent nature in dealings with supervised parties, also perform the function of explaining and interpreting the tasks assigned to the Central Bank by Law. The Central Bank will, adopting the methods regarded as most appropriate, make public the measures referred to in the previous paragraph if they are of general relevance and addressed to the public. The Central Bank shall punish by pecuniary sanctions those Directors, Auditors, Managers, Legal Representatives, Receivers and Liquidators of the supervised parties contravening the provisions of a special decree issued upon proposal of the Central Bank, after having obtained the opinion of the Committee for Credit and Savings.
The Central Bank's relations with State institutional bodies and foreign and international banking and financial bodies
The Central Bank will be entitled to assist and inform the Congress of State, through the Department of the State Secretary for Finance, on economic matters and measures which, in the opinion of the Central Bank, can be associated with and influence the pursuit of the Central Bank’s institutional objectives. The Central Bank will put forward resolutions and comments on proposed laws and on normative instruments referring directly to the objectives and functions reserved by the law to the Central Bank, and also draft proposed bills and normative instruments on matters within its sphere of competence, to be submitted to the Congress of State through the Committee for Credit and Savings. Besides the Central Bank, through the Committee for Credit and Savings, will forward information to the Congress of State on the more significant facts noted or obtained in the exercise of its institutional functions. Jointly with the representatives of the Congress of State, the Central Bank will represent the Republic of San Marino in all the international financial institutions in which the Republic takes part.
Shareholders
Governing Council
Director General
Supervision Committee
Board of Statutory Auditors
Headquarters
Via del Voltone, 120 - RSM 47890 - Città di San Marino - Repubblica di San Marino