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Catholic World News

Vatican bank to make public disclosures?

May 14, 2013

The Vatican bank will make its balance sheets public this year.

Ernst von Freyberg, the new president of the Institute for Religious Works (IOR), told reporters on May 14 that the bank would release public reports before the end of this yea. He said that an “international organization” would be asked to audit the bank’s transactions, judging them against both the Vatican’s own new rules for financial disclosure and European banking standards.

The IOR, which has been criticized for lax supervision of financial transactions, is awaiting a new comprehensive appraisal from European banking examiners, which is due in December.


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