Posts Tagged ‘Vatican bank’

Cardinal Pell challenges the Italians Comments 0

Friday, December 12th, 2014
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A choir of voices has begun lauding Cardinal George Pell for cleaning up the Vatican’s money management operations. And the strongest notes in this hymn of praise come from the basso profondo of the Australian cardinal himself. The 73-year-old Pell, who is officially the prefect of the Vatican’s recently created Secretariat for the Economy, gave Read more

Miracle money: Pell finds hundreds of hidden millions Comments 1

Tuesday, December 9th, 2014
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The Vatican’s murky finances have been spotlighted again by economy secretariat head, Cardinal George Pell. Late last week, at a news conference, Cardinal Pell said hundreds of millions of euros had been found, squirrelled away in various Holy See departments. The millions did not appear on the Vatican’s statements of financial position. Pell was quick Read more

Vatican bank turns a €23m corner Comments 0

Tuesday, November 25th, 2014
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The return of €23m to the Vatican Bank marks a turning point in being accepted again by Italy’s banks. After blocking the funds in a 2010 money laundering investigation, an Italian bank returned the money last week. The Vatican Bank, whose official name is “Institute for Works of Religion” (IOR), said in a statement, the return of Read more

Vatican bank wrote off $20 million Bertone investment Comments 0

Friday, August 22nd, 2014
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The Vatican bank has written off US$20 million that was invested in an Italian television company at the behest of Cardinal Tarcisio Bertone. Two years ago, the Vatican’s then-Secretary of State, Cardinal Bertone, ordered the investment in Lux Vide SpA, for “evangelisation”. The company makes family movies, including films about popes and a series about Read more

Pope Francis means business Comments 0

Tuesday, August 19th, 2014
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The wildly popular Pope Francis is more than a pontiff of the people. He’s an elite manager who’s reforming the Vatican’s troubled finances. The new pope wanted to talk about money. That was the message that went out to a group of seven prominent financiers—major Catholics all—from around the world in the summer of 2013. Read more

Pope Francis and his cardinals: not the same hymn sheet Comments 0

Tuesday, July 22nd, 2014
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It was possibly a watershed moment in Holy See media relations. The scene was the Sala Stampa of the Holy See some 10 days ago. Australian Cardinal George Pell was presenting the New Economic Framework for the Holy See, a document which outlines proposed major reforms not only to IOR (the Vatican bank) and to Read more

Vatican bank has new president as net profit plunges Comments 0

Friday, July 11th, 2014
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A new president has been announced for the scandal-plagued Vatican bank, as it was revealed that the institution’s 2013 net profit had plunged. Some 3000 accounts have been also purged from the bank in the last year, with almost 400 not meeting stricter client criteria, requiring a close link with the Church. French financier Jean-Baptiste Read more

Pope Francis sacks board of Vatican financial watchdog Comments 0

Tuesday, June 10th, 2014

Pope Francis has replaced five board members of the Vatican’s financial watchdog in his latest attempt to rehabilitate the troubled Vatican bank. The former board members of the Financial Information Authority still had two years to go before they were due to step down. The change comes after reports of clashes between board members and Read more

Former Vatican secretary of state in funds handling probe Comments 0

Friday, May 23rd, 2014
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Former Vatican secretary of state Cardinal Tarcisio Bertone is reportedly being investigated over handling of funds from Vatican accounts. According to German tabloid Bild Zeitung, approval was given for 15 million euros to be transferred from the Vatican bank to an Italian television production company, later identified as Lux Vide. The company is owned by Read more

Australia’s Pell to fix Vatican’s economy Comments 2

Tuesday, February 25th, 2014
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Pope Francis, Monday, started to reform the Vatican’s scandal-plagued financial system by announcing a new Secretariat for the Economy. The secretariat, a new co-ordination structure for economic and administrative affairs of the Holy See and Vatican, will be headed by Sydney’s Cardinal George Pell. Cardinal Pell will have authority over all economic and administrative activities with Read more