Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/3/2013 (1 year 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 (1 year 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 October 2014
Peace:
That the Lord may grant peace to those parts of the world most battered by war and violence.
World Mission Day: That World Mission Day may rekindle in every believer zeal for carrying the Gospel into all the world.



Comments


More Europe

Massive Viking treasure horde discovered HOW?!? Watch

Image of A 47-year-old British man uncovered one of the largest Viking artifact hordes ever discovered, which has over hundreds of artifacts.

By Catholic Online (NEWS CONSORTIUM)

A British man has found the largest collection of Viking artifacts ever in Scotland, using-of all things--a metal detector. LOS ANGELES, CA (Catholic Online) - Derek McLennan found the trove on land belonging to the Church of Scotland in the area of Dumfries and ... continue reading


Pope Francis Makes Another Impassioned Plea for Christian Unity Watch

Image of Divisions among us, but also divisions among the communities: evangelical Christians, orthodox Christians, Catholic Christians, but why divided? We must try to bring about unity. Let me tell you something, today, before leaving home, I spent 40 minutes more or less, half an hour, with an evangelical pastor. And we prayed together, seeking unity. But we Catholics must pray with each other and other Christians. Pray that the Lord gift us unity! Unity among ourselves! How will we ever have unity among Christians if we are not capable of having it among us Catholics, in the family, how many families fight and split up? Seek unity, unity builds the Church and comes from Jesus Christ. He sends us the Holy Spirit to build unity! - Pope Francis

By Deacon Keith A Fournier

Dear friends, let us therefore proceed towards full unity! History has separated us, but we are on the path towards reconciliation and communion! And this is true! And we must defend it! We are all on the path toward communion. And when the goal seems too ... continue reading


'Titanic of the Ancient World' yielding priceless, new treasures Watch

Image of In their assessment of the ship's size, the team also brought up several new artifacts including tableware and an enormous bronze spear, pictured below, that's believed to have been part of a giant statue.

By Catholic Online (NEWS CONSORTIUM)

The ancient Antikythera shipwreck, a Greek vessel that sank more than 2,000 years ago in the Aegean Sea has long captivated archaeologists. Since sponge divers discovered it in 1900, researchers have long referred to it in order to understand a foregone ... continue reading


Belgium strikes back against leaders of national Islamist group Watch

Image of Fouad Belkacem alias Abu Imran, the spokesman for the Sharia4Belgium Islamist group, and one of those put on trial.

By Catholic Online (NEWS CONSORTIUM)

Belgium has started its largest-ever terrorism trial in the port city of Antwerp. Here, 46 members of the Sharia4Belgium Islamist group are being charged with recruiting scores of young Muslims to fight for the Islamic State. LOS ANGELES, CA (Catholic Online) - ... continue reading


Catholic Church must use power to protect Christians against radical Islam, bishop says Watch

Image of The Pakistan-born bishop, an outspoken defender of Christian rights in his native land before coming to United Kingdom, says that the time is nigh for Rome to take a stand.

By Catholic Online (NEWS CONSORTIUM)

The Catholic Church must use its global power to protect Christians threatened by Islamic militancy and secularism. That was the message delivered by prominent Anglican Bishop Michael Nazir-Ali. The Pakistan-born bishop, an outspoken defender of Christian ... continue reading


Ebola cases spreading through Europe deemed 'unavoidable' by health official Watch

Image of While European health workers were most at risk of becoming infected, but added that

By Catholic Online (NEWS CONSORTIUM)

With the news of a Spanish nurse infected with the Ebola virus, World Health Organization European Director Zsuzsanna Jakab has declared that the spread of Ebola across Europe is "quite unavoidable." She assures the world that Europe is still at low risk and ... continue reading


Extraordinary Synod on the Pastoral Care of the Family Begins. Stop Fighting and Start Praying Watch

Image of

By Deacon Keith A Fournier

Too much of the back and forth online concerning the Extraordinary Synod on the Pastoral care of the family has only fanned the fires of fear among God's people. It has also given those who oppose the Church, and her liberating message of truth, fodder for their ... continue reading


Discovered artwork asks -- Was Jesus Christ clean-shaven? Watch

Image of Throughout history, the Messiah has been depicted in a variety of ways through holy art -- bearded, clean shaven, light skin, olive skin, long hair, short -- each interpretation reflecting the prevalent society's ideas regarding Him.

By Catholic Online (NEWS CONSORTIUM)

The popular depiction of Jesus Christ in Western art usually shows him with flowing, long blond hair and beard. This depiction may not necessarily be the case. Archaeologists in Spain say they have found one of the world's earliest known images of Jesus ... continue reading


Euthanasia takes mounting toll in the Netherlands Watch

Image of Euthanasia in the Netherlands is

By Catholic Online (NEWS CONSORTIUM)

Since legalizing euthanasia seven years ago, the Netherlands has seen a dramatic spike in the number of people who have elected to medically terminate their lives. Intended to ease the suffering of those with terminal cancer, a growing number of patients ... continue reading


Is Pope Francis a Charismatic? Yes, But In the Fullest Sense of the Word Watch

Image of Pope Francis is a good pastor, who wants to ensure that participants in all of these ecclesial movements not fall prey to the danger which enthusiastic movements often face, turning inward or becoming, to use one of his favorite words of warning to the whole Church, self-referential.

By Deacon Keith A Fournier

A charism is a grace, a gift lavished by God the Father, through the action of the Holy Spirit. And it is a gift that is given to someone, not because he is better than others or because he merited it: it is a gift that God makes so that, with the same ... 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, Ephesians 4:7-16
7 On each one of us God's favour has been bestowed in ... Read More

Psalm, Psalms 122:1-2, 3-4, 4-5
1 [Song of Ascents Of David] I rejoiced that they ... Read More

Gospel, Luke 13:1-9
1 It was just about this time that some people ... Read More

Saint of the Day

Saint of the Day for October 25th, 2014 Image

St. Daria
October 25: There is very little known about them. Chrysanthus was an ... 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