Quarterly Newsletter as of March 31, 2026, Published

The Quarterly Newsletter, updated as of March 31, 2026, has been published.

In the first quarter of 2026, the gradual strengthening of banks’ technical profiles and the supervisory authority’s international relations continued. From a regulatory perspective, the consolidation of MiFID II standards continues, along with the gradual alignment with the Basel III prudential framework (market and settlement risks have already been implemented; analyses have begun for the implementation of the new rules for measuring operational risks and applying liquidity ratios).

Compared to December 31 of last year:

• total deposits in the banking system increased by 36 million euros, exceeding the 7 billion euro threshold;
• loans to customers also grew, recording a gross increase of +1.3%, corresponding to 14 million euros, against the backdrop of a further reduction in the so-called NPL ratio, which, before value adjustments on impaired loans, fell by a further 0.2%, from 16.3% to 16.1%;
• the banking system’s shareholders’ equity remained at €358 million.

Quarterly Newsletter – 2026 First Quarter

Statistical Appendix – 2026 First Quarter

This document describes key information regarding San Marino’s financial system, as well as the activities of BCSM, and specifically reports the following for the reference period:

• changes to the primary regulatory framework and the implementing regulations issued by BCSM;
• a summary of BCSM’s supervisory activities and international relations;
• key system-wide data and trends;
• a description of BCSM’s other institutional functions; in this regard, each quarter examines the activities assigned by law regarding trusts and, alternately, the activities of the Treasury, Tax Collection, Payment Systems, and Finance Departments.

The Quarterly Newsletter is part of the Central Bank’s institutional communication, aimed at ensuring transparency and accountability in its actions as the supervisory authority for San Marino’s financial system.