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Decree Law 162 03/12/2009 - Urgent Provisions In Matter Of Mandatory Reserve Banks A Load Of San Marino

Original Language Title: Decreto Legge 03/12/2009 N.162 - Disposizioni Urgenti In Materia Di Riserva Obbligatoria A Carico Delle Banche Sammarinesi

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REPUBLIC OF SAN MARINO DECREE - LAW 162 of December 3, 2009 We the Captains Regent of the Most Serene Republic of San Marino Having seen the need and urgency referred to in Article 2, paragraph 2, point b) of the Constitutional Law 15 December 2005 n. 183 and Article 12 of the Qualified Law 12 December 2005 n. 184, namely: - the need for liquidity constraints to the assets of the banks, according to the Republic of San Marino Central Bank's capacity to grant loans of last resort in the cyclical high liquidity shortage situations; - The urgent need for the system to activate, as the most appropriate measure, a load reserve requirement of banks to deposit with the Central Bank of the Republic of San Marino, in relation to the current economic situation affected by the tax amnesty measures taken by other countries ; - The consequent need to change on an urgent basis to Article 142 of the law 17 November 2005 n. 165, and subsequent amendments and additions, which regulates the institution of reserve requirements, in order to meet the actual needs; Given the decision of the Congress of State # 1 taken in its meeting of December 3, 2009; Having regard to Article 5, paragraph 2, of the Constitutional Law no. 185/2005 and Article 9 and Article 10, paragraph 2, of the Qualified Law n.186 / 2005; Promulgate and publish the following decree-law: "URGENT PROVISIONS RELATING TO MINIMUM RESERVES CHARGED TO BANKS SAN MARINO" Art. 1 (Amendments to Article 142 of the Law of 17 November 2005 n. 165) Article 142 of the Law 17 November 2005 n. 165 is replaced by the following: "Art. 142 (Minimum reserves) 1. Banks must constitute, at the minimum reserve title, a term deposit in cash equal to eight percent of the total amount of direct funding, including the interbank. 2. The term deposit in the first subparagraph shall be effected within the first working day following the start of each maintenance period on reserve accounts with the Central Bank of the Republic of San Marino. 3. Banks are required to submit to the supervisory authority, in a manner defined by this, a statement, signed by the chairman and the president of the board of auditors, certifying the consistency of the aggregate subject to the reserve. The prospectus must contain two outstanding amounts to the last day of the second month prior to the start of each maintenance period. 4. The retention periods have monthly basis, from the first day of each calendar month to the last day of that month. Throughout the maintenance period, the amount of the deposit must be equal to the amount of mandatory reserves established in the first paragraph. 5. Time deposits in the first subparagraph shall be paid on the stock recorded in the maintenance period, with cash accrued interest at the end of the maintenance period. 6. Any exemptions, total or partial, to the obligations referred to in this Article may be authorized only by the supervisory authority in the presence of proven liquidity strains. For this purpose, the banks concerned must forward the appropriate application attaching all appropriate documents to support the part of the supervisory assessment. Within ten days of receipt, the supervisory authority shall notify in writing the acceptance or the refusal of authorization, indicating the consequent fulfillment. The limit shall be suspended when the supervisory authorities require further information deemed necessary to supplement the documentation provided and shall continue to run to the receipt of information requested date. 7. As from the end of the first maintenance period, the supervisory authority may, by its own provision, in derogation from Article 38, paragraph 5 of the consultation procedures, modify the rate mentioned in the first paragraph, the components of the reserve, the duration of the reference periods and maintenance, the prospectus for the calculation of reserve requirements, the rate of return, and to provide for forms of averaging provisions. ". Art. 2 (Transitional and implementing provisions) 1. The first maintenance period begins the working day following the entry into force of this Decree-Law and end on 31 January 2010. 2. The statement referred to in paragraph 3 of ' Article 142 of the Law of 17 November 2005 n. 165 as amended by Article 1 of this Decree-Law, shall include for the first maintenance period for the balances as at 30 November 2009. 3. The supervisory authorities, in the implementation of this Decree Law, notify the banks
San Marino the prospectus for the proper determination of the broadening of the reserve requirement as well as the rate of return, referred to in paragraph 5 of Article 142 of the Law of 17 November 2005 n. 165 as amended by Article 1 of this Decree-Law, for the first maintenance period, which shall not be less than one month Euribor act / 360 recorded on the second working day prior to the deposit. Art. 3 (Penalties) 1. Non compliance with the provisions of this Decree-Law, as well as subject to administrative sanction under Article 17 of Decree 76 of May 30, 2006, will be considered "exceptionally serious violation" pursuant to articles 78.1.a), 84.1 and 85.1, as well as "serious non-compliance" under Article 140.3 of the Law of 17 November 2005 n. 165. Given at Our Residence, 3 December 2009/1709 THE CAPTAINS REGENT Francesco Mussoni - Stefano Palmieri p. THE SECRETARY OF STATE FOR INTERNAL AFFAIRS The Secretary of State Antonella Mularoni