San Marino

San Marino uses the euro (EUR) under a monetary agreement with the European Union, but it is not an EU Member State or a member of the euro area in the same way as countries participating in the Eurosystem. The Central Bank of the Republic of San Marino (BCSM) supervises the country’s banking system and carries out functions under its own national legal framework. For an account holder, this means that euro denomination alone does not establish which EU consumer or deposit-protection rules apply.

San Marino operates a Depositors’ Guarantee Fund managed by the BCSM, with member banks identified by the Central Bank. The fund has assets dedicated to protecting qualifying depositors in the circumstances and within the limits provided by its rules. Membership and eligibility should be checked at the institution level. Deposit protection also needs to be distinguished from investment performance and from the mere custody of securities or other financial assets.