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The political “holiday” – that is, the period between the dissolution of the Grand Council (Regency Decree No. 63 of March 20, 2024) and the formation of a new government – requires the reaffirmation of many enabling decrees.
We focus in particular on two issues, namely the maximum spread and nominal interest rate applicable to loans financed with State assistance until September 30, 2024, pursuant to Law No. 44 of March 31, 2015 and its subsequent amendments (Delegated Decree of March 4, 2024 n.4) and No. 69 of 2024, defining the methods, limits and requirements for the design and execution of combined heat and power plants in the industrial sector.
Authorizing Decree No. 4, 2024
In accordance with the provisions of Article 4, paragraph 2, of Law No. 44 of March 31, 2015, as amended by Article 20, paragraph 1, of Law No. 189 of December 22, 2015, taking into account social objectives and effective performance, the following maximum spreads applicable to loans funded by State assistance are established, based on the market interest rates published by the Central Bank of the Republic of San Marino, after consulting the Banking and Financial Sector Associations and legally recognized consumer associations:
a) For terms up to 15 years: maximum spread 3.40%;
b) Maturity from 16 to 20 years: maximum spread 4.30%;
c) Maturity from 21 to 25 years: Maximum spread 4.90%.
The determination of the maximum interest rate spread referred to in paragraph 1 shall apply both to fixed-rate mortgages and to floating-rate mortgages of the same proportion, with a prescribed term of September 30, 2024.
In accordance with the provisions of Article 6, paragraph 2, of Law 44/2015, as amended by Article 20, paragraph 2, of Law 189/2015, the average effective interest rate recorded by the Central Bank for 2022 is 3.3719% for fixed-rate mortgages and 3.7171% for floating-rate mortgages, in accordance with the provisions of the Republic of San Marino.
Delegated Decree No. 69 of 2024
A combined heat and power plant consisting of one or more high-efficiency combined heat and power units that meet the following technical requirements can be authorized and obtain CAR qualification:
a) with a generating capacity not exceeding 6 MWe, collectively referring to all combined heat and power units of plants built according to consumer users;
b) using only one of the following technologies: internal combustion engine; turbine (microturbine or gas turbine with heat recovery);
c) primary energy savings calculated in accordance with Annex 10 of the Law n.48 of 3 April 2014, equal to at least 10% for combined heat and power units with a generating capacity equal to or greater than 1 MWe;
d) Primary energy savings for small CHP units with a generating capacity of less than 1 MWe and microgenerators with a generating capacity of less than 50 kWe are greater than zero.
Electricity generated by a CHP unit is considered CHP only if the overall efficiency of the unit is at least 75%.
The design of the CHP plant must not only be sized according to the useful heat required by the consumption site, but also be adapted to the site’s own self-consumption requirements in terms of the share of electricity production.
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