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San Marino: State aid is not enough, banks are close to default

14 May, Il Sole 24 Ore

According to the figures of the Central Bank of San Marino, the gross bad loans amount to 576 million euro, while the net bad loans are 239 million. The Npe ratio is 53%, showing the poor quality of credit.

Meanwhile, the direct credit collections have decreased by 56% and the indirect ones by 68%. Banks’ assets have reduced by 70%, despite the bailouts. Between 2008 and 2018, the banking system reported losses for 861 million euro. As a result, the GDP decreased by almost one-third and unemployment spiked to 9,2% from the previous 3.1%.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

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