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The Resource Republic of San Marino : 2014 Article IV consultation, staff report, press release, and statement by the Executive Director for the Republic of San Marino

Republic of San Marino : 2014 Article IV consultation, staff report, press release, and statement by the Executive Director for the Republic of San Marino

Contributor
Summary
"The global crisis and tense relations with Italy triggered a 30 percent GDP contraction since 2008 and a sea change in San Marino's off-shore banking model. The banking system has undergone deep restructuring, with several banks intervened and the largest bank requiring large injections of public capital. The economic downturn and bank recapitalization needs have put significant pressure on public finances. Nevertheless, the very recent exit from the Italy's tax black list should facilitate the recovery and the transition to a new growth model. Challenges: Lay foundations for sustainable growth by advancing the cleanup of the banking system, realign fiscal policy with new economic realities, and integrate into international markets. Key policy recommendations:? Financial sector policy. Complete recapitalization of the largest bank, diluting shareholders unconditionally and taking control of the board and management. For all banks, step up on-site supervisions to ensure adequate provisioning, and undertake an external asset-quality review coupled with appropriate contingency plans if capital needs are identified.? Fiscal policy. Further consolidation of 3 percent of GDP is needed over the medium term to put public debt on a sustainable path and rebuild buffers.? Structural policy. Stay committed to openness and transparency to fully normalize relations with the international community; improve nonprice competitiveness to facilitate the reallocation of resources to the nonbanking sector. Traction of past Fund advice: The authorities have recognized plausible losses in the largest bank in line with Fund advice, but the modalities of public recapitalization remain problematic. The 2014 budget delivers significant savings, consistent with past Fund advice"--Abstract
Language
eng
Work
Publication
Extent
1 online resource (38 pages)
Note
  • "April 2014."
  • "March 24, 2014"--Page 2 of pdf
Contents
  • Cover; CONTENTS; CONTEXT, OUTLOOK, AND RISKS; POLICY DISCUSSIONS; A. Financial Sector; BOXES; 1. CRSM: Past Recapitalizations; B. Public Finances; 2. Adjustment Needs Under an Upside Scenario; C. Structural Issues; D. Data Issues; STAFF APPRAISAL; FIGURES; 1. Recent Economic Developments, 2006-13; 2. Financial Sector Indicators, 2008-13; TABLES; 1. Selected Economic and Social Indicators, 2007-14; 2. Financial Soundness Indicators, 2007-13; 3. Central Government Operations, 2008-15; APPENDICES; I. Risk Assessment Matrix; II. Public Debt Sustainability Analysis; CONTENTS; FUND RELATIONS
Isbn
9781484358801
Instance
Label
Republic of San Marino : 2014 Article IV consultation, staff report, press release, and statement by the Executive Director for the Republic of San Marino
Title
Republic of San Marino
Title remainder
2014 Article IV consultation, staff report, press release, and statement by the Executive Director for the Republic of San Marino
Title variation
Republic of San Marino, staff report for the 2014 Article IV consultation
Contributor
Subject
Genre
Language
eng
Summary
"The global crisis and tense relations with Italy triggered a 30 percent GDP contraction since 2008 and a sea change in San Marino's off-shore banking model. The banking system has undergone deep restructuring, with several banks intervened and the largest bank requiring large injections of public capital. The economic downturn and bank recapitalization needs have put significant pressure on public finances. Nevertheless, the very recent exit from the Italy's tax black list should facilitate the recovery and the transition to a new growth model. Challenges: Lay foundations for sustainable growth by advancing the cleanup of the banking system, realign fiscal policy with new economic realities, and integrate into international markets. Key policy recommendations:? Financial sector policy. Complete recapitalization of the largest bank, diluting shareholders unconditionally and taking control of the board and management. For all banks, step up on-site supervisions to ensure adequate provisioning, and undertake an external asset-quality review coupled with appropriate contingency plans if capital needs are identified.? Fiscal policy. Further consolidation of 3 percent of GDP is needed over the medium term to put public debt on a sustainable path and rebuild buffers.? Structural policy. Stay committed to openness and transparency to fully normalize relations with the international community; improve nonprice competitiveness to facilitate the reallocation of resources to the nonbanking sector. Traction of past Fund advice: The authorities have recognized plausible losses in the largest bank in line with Fund advice, but the modalities of public recapitalization remain problematic. The 2014 budget delivers significant savings, consistent with past Fund advice"--Abstract
Member of
Cataloging source
DJB
http://bibfra.me/vocab/lite/collectionName
IMF eLibrary
Government publication
international or intergovernmental publication
Illustrations
illustrations
Index
no index present
LC call number
HC59.15.I15
LC item number
No. 14/104 ONLINE
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
International Monetary Fund
Series statement
IMF country report
Series volume
no. 14/104
http://library.link/vocab/subjectName
  • International Monetary Fund
  • International Monetary Fund
  • San Marino
  • Recessions
  • San Marino
  • Taxation
  • Banks and banking
  • Economic indicators
  • Banks and banking
  • Economic history
  • Economic indicators
  • International economic relations
  • Recessions
  • Taxation
  • Italy
  • San Marino
Label
Republic of San Marino : 2014 Article IV consultation, staff report, press release, and statement by the Executive Director for the Republic of San Marino
Instantiates
Publication
Copyright
Note
  • "April 2014."
  • "March 24, 2014"--Page 2 of pdf
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
Cover; CONTENTS; CONTEXT, OUTLOOK, AND RISKS; POLICY DISCUSSIONS; A. Financial Sector; BOXES; 1. CRSM: Past Recapitalizations; B. Public Finances; 2. Adjustment Needs Under an Upside Scenario; C. Structural Issues; D. Data Issues; STAFF APPRAISAL; FIGURES; 1. Recent Economic Developments, 2006-13; 2. Financial Sector Indicators, 2008-13; TABLES; 1. Selected Economic and Social Indicators, 2007-14; 2. Financial Soundness Indicators, 2007-13; 3. Central Government Operations, 2008-15; APPENDICES; I. Risk Assessment Matrix; II. Public Debt Sustainability Analysis; CONTENTS; FUND RELATIONS
Control code
878560770
Extent
1 online resource (38 pages)
Form of item
online
Isbn
9781484358801
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.5089/9781484358801.002
Other physical details
color illustrations
Specific material designation
remote
System control number
(OCoLC)878560770
Label
Republic of San Marino : 2014 Article IV consultation, staff report, press release, and statement by the Executive Director for the Republic of San Marino
Publication
Copyright
Note
  • "April 2014."
  • "March 24, 2014"--Page 2 of pdf
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
Cover; CONTENTS; CONTEXT, OUTLOOK, AND RISKS; POLICY DISCUSSIONS; A. Financial Sector; BOXES; 1. CRSM: Past Recapitalizations; B. Public Finances; 2. Adjustment Needs Under an Upside Scenario; C. Structural Issues; D. Data Issues; STAFF APPRAISAL; FIGURES; 1. Recent Economic Developments, 2006-13; 2. Financial Sector Indicators, 2008-13; TABLES; 1. Selected Economic and Social Indicators, 2007-14; 2. Financial Soundness Indicators, 2007-13; 3. Central Government Operations, 2008-15; APPENDICES; I. Risk Assessment Matrix; II. Public Debt Sustainability Analysis; CONTENTS; FUND RELATIONS
Control code
878560770
Extent
1 online resource (38 pages)
Form of item
online
Isbn
9781484358801
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.5089/9781484358801.002
Other physical details
color illustrations
Specific material designation
remote
System control number
(OCoLC)878560770

Subject

Genre

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