Quarterly Information Bulletin as of December 31, 2025

13 Apr 2026 1 min read

The Quarterly Information Bulletin updated as of December 31, 2025, has been published.

In the fourth quarter of 2025, the supervisory activity of the Central Bank of the Republic of San Marino developed along trajectories already established in previous quarters, accompanied by a constant improvement in the technical profiles of the banking system, a substantial stability in the number of players in the financial system, and, from a regulatory perspective, a progressive alignment with European standards, particularly in the area of Fit and Proper for corporate executives and System Safety Nets.

Compared to September 30 last year:

total deposits of the banking system increased by a further 1.6%, reaching nearly €7 billion, and registering a positive trend in both indirect deposits (+2.6%, corresponding to €83 million) and direct deposits (+0.7%, corresponding to €26 million);

lending to customers also grew, registering a gross increase of +0.5%, corresponding to €5 million, and the process of reducing the deteriorated component further consolidates, falling by 1.6%, corresponding to €3 million, of which €1 million is due to a reduction in non-performing loans;

the net worth of the banking system stands at €358 million, registering an increase of €14 million (+3.9%), in sharp recovery compared to the growth trend of the previous quarter; the capital adequacy ratio also improved by 0.2%.

Quarterly Information Bulletin - 2025 Fourth Quarter

Statistical Appendix - 2025 Fourth Quarter

This document describes the main information pertaining to the San Marino financial system, as well as the activity of BCSM, and in particular reports for the reference period:

the modifications to the primary regulatory framework and the implementing regulation issued by BCSM;

a synthetic description of BCSM's supervisory activity and international relations;

the main system data and trends;

the description of other institutional functions of BCSM; in this regard, each quarter examines alternately the activities of the Treasury, Tax Collection, Payment System, and Finance Departments.

The Quarterly Information Bulletin represents an element of the institutional communication of the Central Bank, aimed at principles of transparency and accountability of its action as the Supervisory Authority for the San Marino financial system.