Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/3/2013 (10 months ago)

Catholic Online (www.catholic.org)

The bank is returning to its core mission

The veil of secrecy is coming down at the Vatican Bank with the publication of its first ever financial report. The report is part of a series of reforms aimed at increasing transparency and deterring illegal behavior within the institution.

The structure that houses the Vatican bank looks like a fortress, and until now has served as a fortress of secrecy.

The structure that houses the Vatican bank looks like a fortress, and until now has served as a fortress of secrecy.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/3/2013 (10 months ago)

Published in Europe

Keywords: Vatican Bank, report, unprecedented, secrecy, corruption, scandal


ROME, ITALY (Catholic Online) - The report explained that the bank earned a net profit of $117.2 million in 2012, which is four times the amount it profited in 2011, which in that year was just $27.4 million.

Over $67 million of that 2012 profit was handed over to the Pope, for charitable works.

The financial projections for 2013 are much lower, because the bank has set aside millions to finance the investigation and overhaul of all of its systems, by order of Pope Francis. Bank president Ernst von Freyburg released a statement saying, "Overall, we expect 2013 to be marked by the extraordinary expenses for the ongoing reform and remediation process, and the effects of rising interest rates."

According to the 100 page report, the Vatican holds $55.9 million in gold, metal, and coins, also owns a real estate company, received two investment properties with $2.5 million in 2012. Although it is not supposed to operate like a bank, the report suggests that it does. The bank made $34.9 million in loans in 2012.

Vatican Bank is intended to manage assets for religious insurable institutions, ensuring that they have money to meet their obligations and grow. However, revelations made over the past year have demonstrated that the bank does operate just like an ordinary bank, but in secret. That secrecy has allowed some individuals to carry on dubious activities within its walls.

The new transparency is designed to prevent that from happening again.

There are several agencies looking into the Vatican, including a European banking commission known as Moneyval, the Rome police, and a committee established by Pope Francis himself with a broad permission to investigate anything and everything that is happening inside the bank. Even rules that normally protect confidentiality, and thereby corruption, do not apply to Pope Francis's investigation.

In all, while the news that the bank has been operating in an inappropriate manner in the past, it is very encouraging to see that reforms, spearheaded by Pope Francis, are going to make a positive difference in its operation. The bank will now remain committed to its core mission, which is to provide money and manage assets for charitable works and organizations.

Click here to learn about our Saint Michael the Archangel conference this Nov 1-3!

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Europe

Pontifical Council Statement on the Violence in Iraq Watch

Image of Let us therefore unite our voices with that of Pope Francis:

By Vatican Radio

No cause, and certainly no religion, can justify such barbarity. This constitutes an extremely serious offense to humanity and to God who is the Creator, as Pope Francis has often reminded us. VATICAN CITY (Vatican Radio) - The Pontifical Council for Interreligious ... continue reading


British rapper makes 14-year-old girl post sex video online Watch

Image of The girl, who can't be named for legal reasons, accepted a friend request from rapper Logik, whose real name is Kyle Burns.

By Catholic Online (NEWS CONSORTIUM)

It was a sick incident that highlights what's going on around the eyes and ears of semi-attentive parents. A British rapper who goes under the stage name of "Logik" asked a 14-year-old girl to pose an indecent 60-second video of herself to which he promised ... continue reading


A new tomb may be the burial place of Alexander the Great Watch

Image of This road leads up to a newly discovered tomb which could hold the remains of one of Alexander the Great's generals.

By Catholic Online (NEWS CONSORTIUM)

Archaeologists in Greece have discovered an immense tomb that they believe may be connected with Alexander the Great, whose conquests stretched from Greece to India. LOS ANGELES, CA (Catholic Online) - This tomb, which dates to around 300 BC, may have held the body ... continue reading


WRITTEN OFF: Debt used by Vatican to finance religious films wiped clean Watch

Image of The Vatican's at-the-time Secretary of State Tarcisio Bertone ordered the investment in Lux Vide SpA. He said the company shared the Holy See's

By Catholic Online (NEWS CONSORTIUM)

Pope Francis has tried to loosen ties between the Catholic Church and Italy's business and political world. The pontiff considers this longstanding network of relations improper and antithetical to the Church's religious mission. To this end, the Vatican has ... continue reading


Spanish priest stricken with Ebola returned to Europe for treatment; Victims left rotting in streets Watch

Image of Seventy-five-year-old Missionary Miguel Pajares, a Spanish priest has become the first person carrying the deadly Ebola virus to be brought back to Europe for treatment.

By Catholic Online (NEWS CONSORTIUM)

Seventy-five-year-old Missionary Miguel Pajares, a Spanish priest has become the first person carrying the deadly Ebola virus to be brought back to Europe for treatment. In the meantime, shocking new photographs have emerged showing more victims being dumped in ... continue reading


Pope Francis Teaches on the Beatitudes: Portrait of Jesus and the Path to Happiness Watch

Image of Let us try to recall them and to imprint them, in our hearts. Let's do this: I will say them one after the other and you will repeat them. Agreed? - Pope Francis

By Catholic Online

As Moses stipulated regarding the Covenant with God in accordance with the law received on Sinai, so Jesus, from a hill on the shore of Lake Galilee, gives to his disciples and to the crowd a new teaching that begins with the Beatitudes. Moses gave the Law on ... continue reading


WHAT HAVE WE BECOME: British mom jailed for having sex with 12-year-old son following instructions from boyfriend Watch

Image of The son in question, along with his brother, have been placed in foster care.

By Catholic Online (NEWS CONSORTIUM)

In an especially revolting example of bad parenting, a 39-year-old British mom has been jailed for having sex with her 12-year-old son . while her partner watched on webcam, telling the mother what to do over headphones. The mother described the act as a "sex ... continue reading


GRUESOME WEAPON: Made from four human pelvises, tool was used to desecrate corpses Watch

Image of Four pelvic bones on a stick were found at the Dutch site, along with bundles of bones, bones bearing marks of cutting and scraping, and crushed skulls.

By Catholic Online (NEWS CONSORTIUM)

Archaeologists have made a gruesome discovery. The bones of ancient Iron Age warriors around the time of Christ were impaled on wooden stakes in a gruesome religious ritual. Four pelvic bones on a stick were discovered in an archaeological dig in Denmark. ... continue reading


Spiritual Ecumenism: Pope Francis Visits Evangelical/Pentecostal Church in Caserta Italy Watch

Image of Pope Francis took a trip to Caserta, Italy on Monday, June 28, 2014. He visited with a friend named Giovanni Traettino who pastors an evangelical, charismatic/Pentecostal protestant Church.

By Deacon Keith A Fournier

Pope Francis took a trip to Caserta, Italy on Monday, June 28, 2014. He visited with a friend named Giovanni Traettino who pastors an evangelical, charismatic/Pentecostal protestant Church. This friend of Francis oversees the growing evangelical Church of the ... continue reading


France grants asylum to Iraqi Christians as U.S. rebuked for 'silence' Watch

Image of Representative Frank Wolf (R-Va.) said on the House floor,

By Catholic Online (NEWS CONSORTIUM)

As the genocide of Iraqi Christians continues, the French government now says it is willing to grant asylum to Iraqi Christians. "We are assisting displaced persons who are fleeing the Islamic State's threats and seeking refuge in Kurdistan," Foreign Minister ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ezekiel 43:1-7
1 He took me to the gate, the one facing ... Read More

Psalm, Psalms 85:9-10, 11-12, 13-14
9 His saving help is near for those who fear him, his ... Read More

Gospel, Matthew 23:1-12
1 Then addressing the crowds and his disciples Jesus ... Read More

Saint of the Day

Saint of the Day for August 23rd, 2014 Image

St. Philip Benizi
August 23: Servite cardinal and preacher. Born in Florence, Italy, to a ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter