Posts Tagged ‘Vatican bank’

Claim it is now impossible to launder money at Vatican bank Comments 0

Tuesday, May 17th, 2016

It is now impossible to launder money at the Vatican bank, its chairman has said. Jean-Baptiste de Franssu, chairman of the Institute for the Works of Religion (the Vatican bank), said the institution had tightened its rules. The latest annual report of the IOR showed that 4935 accounts were closed between June 2013 and December Read more

Vatican shuffles feet on fossil fuel divestment Comments 0

Friday, July 3rd, 2015
Car exhausts resized

The Vatican may consider, but is not committed to, divesting its holdings in fossil fuels, an official has indicated. That is despite Pope Francis’s call in his encyclical Laudato Si’ for bold action to fight climate change and global warming, The Guardian reported. At a press conference on July 1, Flaminia Giovanelli from the Pontifical Read more

Vatican Bank’s profits increase twentyfold Comments 0

Tuesday, June 2nd, 2015

The Vatican Bank’s profits increased twentyfold last year over the previous 12 months. The Institute for the Works of Religion earned NZ$106 million in 2014, compared to NZ$4.4 million in 2013. The bulk of the profit – NZ$84.4 million – was given to the Holy See for its operating costs. Releasing its annual report on Read more

Pope nixes Vatican Bank Luxembourg investment fund plan Comments 1

Tuesday, May 26th, 2015

The Pope has rejected a proposal that the Vatican Bank has a variable share capital investment fund based in Luxembourg. The proposal had the approval of the Institute for the Works of Religion’s board and was put forward by its president. Having this type of investment fund would have helped IOR managers manage a portion Read more

Interview: Cardinal’s doubts about Vatican reform Comments 0

Tuesday, February 17th, 2015

A US cardinal said he has some unanswered questions about the practicality of proposed reforms in the Roman Curia, the Vatican’s main administrative bureaucracy, although he praised efforts to clean up Vatican finances and to combat clergy sexual abuse. Cardinal Daniel DiNardo, archbishop of Galveston-Houston, also told Crux in a wide-ranging interview on Saturday that Read more

Cardinal Pell challenges the Italians Comments 0

Friday, December 12th, 2014

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

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

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
Bertone image resized

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

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