Click here to advertise on CatholicCulture.org

Vatican bank makes annual report public for 1st time

Catholic World News - October 01, 2013

The Vatican bank, the Institute for Religious Works (IOR), has published its annual report for the first time.

The 100-page report, which includes a full audit statement, shows that the IOR holds about €7.1 billion in assets, and realized a profit of €86.6 million in 2012, of which €54.7 million was given as a contribution to the Holy See. Ernest Von Freyburg, the president of the IOR, explained that the annual report was being made public for the benefit of the “1 billion Catholics in the world who have a right to know what this part of the Holy See does.” Secondarily, he said, the public report should be reassuring to the IOR’s financial partners.

“You see a rather conservatively managed financial institution safeguarding assets, investing in very conservative investments like government bonds and bank deposits,” Von Freyburg observed. The bank’s assets are invested primarily in bonds, with a relatively small proportion in stocks and other assets in real estate and other resources.

After years of criticism, the IOR also views the public report as “another step on the way to creating a compliant and transparent institution,” Von Freyburg said. The bank’s report anticipates large expenses in 2013 for “the ongoing reform and remediation process,” which has included the use of outside consultants to design safeguards against money-laundering.

Commenting on the report, Von Freyburg acknowledged that Pope Francis has asked a panel of experts to study the IOR and suggest how it could best serve the Church. The IOR president said that “the Holy Father will then decide later this year or next year in which exact direction he wants to send us.”

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!

Progress toward our July expenses ($21,925 to go):
$35,000.00 $13,074.95
63% 37%
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

Making Moral Progress? July 3
Vatican statement clarifies duties of Catholic faithful after Obergefell decision July 2
Political battles vs. sacrificial service: The Brooks paradox revisited July 2
A Baptist leader with a message the Synod of Bishops should hear June 30
'Helpful' advice for social conservatives: ignore causes, deal with effects June 30

Top Catholic News

Most Important Stories of the Last 30 Days
Pope approves process for holding bishops accountable in abuse cases CWN - June 10
Pope Francis’ 2nd encyclical released (includes link to full text) CWN - June 18
US Supreme Court rules all states must recognize same-sex marriage CWN - June 26
Archbishop Nienstedt, auxiliary bishop resign CWN - June 15