Vatican bank reports a leap in profits
May 25, 2015
The Vatican bank, the Institute for Religious Works (IOR), realized a profit of €69.3 million ($76 million) for 2014, a huge jump from the €2.9 million profit in 2013.
The profit reflects two positive factors, the IOR announced: an increase in profits from trading, and a steep decline in “extraordinary operating expenses” that were related to the effort to reform the bank. The IOR had paid €8 million in 2013 to outside consultants who helped with a complete audit of the institution and the establishment of new procedures to ensure transparency.
Jean-Baptiste de Franssu, who was appointed last summer as the president of the IOR, said that the bank’s main goal for 2015 is to improve services to its account holders. There are just over 15,000 accounts in the IOR; in 2013 and 2014 the bank closed 4,614 accounts that were inactive or were held by individuals and institutions that are not eligible for IOR services. Having reformed its rules and procedures, the IOR now serves only Church institutions and religious orders.
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Further information:
- Vatican bank posts big jump in net profits for 2014 (Vatican Radio)
- Vatican bank profits soar as it recovers from trading loss and continues Francis' reform (AP)
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