Regulation No. 2012-02: Update IV to Regulation No. 2007-07 and Update II to Regulation No. 2011-03

THE GENERAL DIRECTOR
OF THE CENTRAL BANK OF THE REPUBLIC OF SAN MARINO HAVING REGARD to Law No. 165 of 17 November 2005, and in particular Article 39, which grants the Central Bank of the Republic of San Marino the power to issue measures containing binding and general provisions; HAVING REGARD to the Statute of the Central Bank of the Republic of San Marino approved by Law No. 96 of 29 June 2005, and in particular Article 30, paragraph 3 of the said Statute, according to which acts of the Central Bank regarding supervision, deliberated by the Supervision Coordination, are issued by the General Director; HAVING REGARD to Regulation No. 2007-07 on the collection of savings and banking activity and its subsequent updates; HAVING REGARD to Regulation No. 2011-03 on the activity of granting financing (finance companies) and its subsequent updates; HAVING REGARD to the resolutions of the Supervision Coordination and the Board of Directors by which the text of Regulation No. 2012-02, constituting Update IV to Regulation No. 2007-07 regarding the collection of savings and banking activity, as well as Update II to Regulation No. 2011-03 regarding the activity of granting financing (finance companies), was approved; HEREBY ISSUES the attached Regulation No. 2012-02, which enters into force on today's date. San Marino, 5 July 2012 Signed: THE GENERAL DIRECTOR Mario Giannini

REGULATION
ON THE COLLECTION OF SAVINGS
AND BANKING ACTIVITY
UPDATE NO. IV
REGULATION ON THE ACTIVITY
OF GRANTING FINANCING
(FINANCE COMPANIES)
UPDATE NO. II year 2012 / number 02

Central Bank of the Republic of San Marino
Regulation No. 2012-02: Update IV to Reg. No. 2007-07 and Update II to Reg. No. 2011-03 1
Article 1 - Amendments common to Regulation No. 2007-07 and Regulation No. 2011-03
1. In Article I.I.2, paragraph 1, point 22, the definition of doubtful credits is replaced as follows:
“22. ‘doubtful credits’: the aggregate of non-performing loans, impaired loans, restructured loans, overdue and/or overdrawn loans, and unsecured credits to risky countries, as defined below.”
Article 2 - Entry into force
1. This regulation enters into force on 5 July 2012.
Article 3 - Consolidated texts
1. The texts of Regulations Nos. 2007-07 and 2011-03, consolidated with the amendments introduced by this Regulation, will be made available on the website of the Central Bank of the Republic of San Marino (www.bcsm.sm).