Sureties for the purchase of electricity, L’Informazione: “Enel refuses to operate with San Marino banks”
“Sureties for the purchase of energy, from Enel denial to operate with San Marino institutions”. The Aass therefore had to turn to Italian banks. The problem of the recognition of the Titano system across the border emerged in the Finance Commission
ANTONIO FABBRI – The San Marino banking system still does not enjoy too much trust outside the border. The latest event that attests this difficulty, the one disclosed in the Finance Commission in the reference onincrease in bills and on the dynamics that impose these increases. (…)
In order to guarantee the supply of gas, the operators did not receive the sureties made by our San Marino banks: for liquidity, for the rating of the country system and for guarantees. It was therefore necessary to turn to Italian institutes. The president of AASS, Francesco Raffaeli, said it very clearly, reconstructing the dynamics of what happened: “The day we had to sign the operation, Enel’s refusal to operate with San Marino operators arrived. Therefore the sureties that are required, also institutes issued by San Marino bodies, were no longer adequate because our credit, as is well known, do not have an international rating. So we have to take over the whole operation and, with Carisp who supported us, we turned to an Italian institute. It was a necessity. An Italian banking institution offered to issue the sureties, which we needed to sign the hedging contract ”. (…)
Article taken from The Information of San Marino