Vatican silent on funds in troubled bank
October 11, 2022
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CWN Editor's Note: The Vatican has declined to comment on whether the heavy losses of Credit Suisse could endanger any Vatican investments, The Pillar reports.
Pope Francis issued a directive in August, ordering all Vatican offices to deposit investment funds in the Vatican’s own bank, the Institute for Religious Works, withdrawing funds from all other financial institutions. Although the papal order set a deadline at the end of September to complete the transfers, it is not yet known whether all offices met that deadline.
The Secretariat of State, in particular, has a long relationship with the troubled Swiss bank, which has come under heavy market pressure in recent days.
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