Vatican bank on solid footing, official assures
October 14, 2008
The Vatican bank remains on a sound financial footing despite the recent turmoil in the world's credit markets, a top banker has announced. In an interview with the Italian magazine Famiglia Cristiana, Angelo Caloia, who chairs the supervisory council for the Institute for Religious Works (IOR), said that the bank has avoided investments in the complicated financial instruments that have collapsed in value, precipitating the crisis on the world's financial markets. "Our assets are solid," Caloia said. The interview with the IOR chairman was released well in advance of publication in Famiglia Cristiana, apparently in a move to reassure depositors.
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