Posts Tagged ‘Institute for the Works of Religion’

Vatican bank posts healthy profit despite economic shock of pandemic

Monday, June 14th, 2021

The Institute for the Works of Religion, commonly known as the Vatican bank, showed a net profit of 36.4 million euros ($44.1 million) in 2020, according to its annual report. Compared to a net profit of 38 million euros ($46 million) the previous year, “this is a very significant result” considering the low yields and Read more

Vatican bank chasing millions of euros in Malta

Thursday, October 12th, 2017

The Vatican bank has started legal proceedings in Malta against those it holds responsible for the loss of millions of euros in an investment fund. Maltese judge, Mr Justice Wenzu Mintoff, will preside over the case. His role will include deciding the bank’s total losses. The Vatican statement says the losses are “significant.” It also Read more

Vatican bank’s soaring profits

Thursday, June 15th, 2017

The Vatican bank’s annual report shows a profit of €36 million (about NZ$55,630 million) for its last financial year. The profits, which are up €20 million from the €16.1 million in the 2015 year, are “being distributed in aid of the Holy See’s mission”. More properly called the Institute for the Works of Religion, the Read more

Pope nixes Vatican Bank Luxembourg investment fund plan

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

Vatican bank has new president as net profit plunges

Friday, July 11th, 2014

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