June 18, 2025 - At the conference "Creditors and Business: a San Marino way to crisis management" promoted by ABS - Associazione Bancaria Sammarinese - held on Wednesday, June 18, 2025 at the Teatro Titano in San Marino, during which Catia Tomasetti, President of the Central Bank of the Republic of San Marino (BCSM), spoke , the interdependence between businesses, banks and the economy was explored.
The conference, which was attended by representatives from institutions, academia and the judiciary, was an opportunity for discussion between the banking system, businesses and legal practitioners, with a focus on tools for preventing and managing business crisis and the need to identify operational solutions to protect the economy.
Catia Tomasetti, President of the Central Bank of San Marino, spoke at the opening of the proceedings, confirming the Institute's constant commitment to promoting a solid and modern financial system, with a reflection on the economic dynamics of the country and theimportance of timely and structured crisis management."The economic-financial system of the Republic of San Marino has been strongly strengthened in recent years, thanks to a diversified growth model. However, this does not exempt banks and businesses from the need to prepare adequate tools to deal with possible difficult situations, with the primary objective of overcoming crises, preserving value in the interest of the entire Country System," the President said.
During her speech, President Tomasetti highlighted how business crises inevitably reflect on the banking system and how it is essential that banks continue to use proactive systems to monitor and manage impaired loans, and that the legal system equip itself with mechanisms to restructure indebtedness, including out-of-court ones, such as the negotiated crisis settlement recently introduced in Italy: "Banks are often the first to be able to detect signs of difficulty and also the most qualified and effective interlocutors to support the company in its return to bonis. For this reason, it is important to develop systems that allow timely management, even out-of-court, of crises, in order to protect the value of the company and limit the damage to the system."
She also stresses how a culture of return to bonis is still lacking in many countries. Therefore, there is a need for supervisors to develop an effective regulatory system capable of balancing the need for companies, including those recovering from crises, to return to bonis and maintain access to credit, while at the same time preserving banks' assets and their stability.
Particular attention was given to the need to update San Marino's regulations on business crisis, also in light of European developments. President Tomasetti suggested looking with interest at innovative tools that have already been successfully tested in other jurisdictions, such as participatory financial instruments (PFS), which allow flexible debt restructuring and can facilitate business continuity solutions, transforming debt into a revitalization opportunity.