Click here to advertise on CatholicCulture.org

Vatican 'bank' isn't really a bank

Catholic World News - February 20, 2012

The “Vatican bank” isn’t really a bank, John Allen observes.

Formally known as the Institute for Religious Works (IOR), the Vatican bank offers accounts only to certain restricted customers—mostly religious entities—and makes no loans at all. Its position in the world of finance is unique, and consequently the rules that apply to banks do not always fit neatly into the IOR’s way of operation.

For practical purposes, most banks treat the IOR like a bank. And the Vatican complies with banking regulations, because it makes life simpler for everyone involved. But the distinction is worth preserving: the “Vatican bank” is not an outlaw financial institution, but an institution that does fit the banking mold.

Additional sources for this story
Some links will take you to other sites, in a new window.

An appeal from our founder, Dr. Jeffrey Mirus:

Dear reader: If you found the information on this page helpful in your pursuit of a better Catholic life, please support our work with a donation. Your donation will help us reach seven million Truth-seeking readers worldwide this year. Thank you!

Our Spring Challenge Grant
Progress toward our Spring Challenge Grant goal ($14,992 to go):
$35,000.00 $20,008.18
43% 57%
Sound Off! CatholicCulture.org supporters weigh in.

All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a donor, log in to see the comment form; otherwise please support our work, and Sound Off!

There are no comments yet for this item.

Subscribe for free
Shop Amazon
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

Church Fathers: The Third Century and the School of Alexandria August 29
Every Aspect of the Catholic Thing August 28
News Posturing: How the dramatis personae use each other August 28
The intractable practical problems with the Kasper proposal August 28
No, the Pope did not endorse a gay-friendly children's book August 28

Top Catholic News

Most Important Stories of the Last 30 Days
Pope Francis: welcome with compassion those who have remarried outside the Church CWN - August 5