San Marino. Former CIS current account holders, agenda to “establish a dialogue”
Libera, Mis and councilor Grazia Zafferani present an agenda regarding the situation of former CIS current account holders
In the light of Law 102/2019, of the systemic commitment of the 3 assignee banks in the resolution operation of Banca Cis, and of the second resolution program of the bank that ended up in distress which guaranteed savers, on the basis of progressive criteria and proportionality based on the amount of savings effectively reserved, bonds maturing on 22.07.2022, and others at 5 or 7 years and a specific remuneration;
Considering that the Congress of State, evidently not having the resources to meet the repayment of the bonds, has decided to transform them into government bonds by postponing the maturity, and therefore the repayment, by 10 years with conversion into government bonds;
Considering that the securities assigned to savers and account holders do not currently give rise to any form of guarantee in order to be used on the market given that a market for the valuation of such securities has not developed in San Marino;
Considering that the rate of 1% envisaged for these securities, with the trend of interest rates for the period, the discovery and the situation of the markets, makes them in any case unusable or subject to strong devaluations;
In the light of what emerged in the meeting of the Finance Commission on 25 November 2022;
The Great and General Council
Engages the President of the Finance Commission
To convene a meeting of the Finance Commission by January 2023 in the presence of the Secretary of State for Finance, the top management of CBSM and the directors of the assignee banks of the former Banca Cis, as well as the sole director of the SNB, in order to establish a dialogue to identify solutions that can reconcile the reasons for maintaining public finances with the normal and practical needs of Cis account holders.