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'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Europe

MARRIAGE EQUALITY: Marriage is God's creation - Church cannot change that Watch

Image of A push for

By Kevin J. Jones, CNA/EWTN News

Dissenting Catholic groups have called for gay marriage to be recognized as a sacrament, but Catholic theology has a clear priority: marriage is God's creation - and not even the Church can change that. Washington D.C.  (CNA/EWTN News) - Dr. John Grabowski, ... continue reading


NO MORE SISTERS: Lack of new, younger nuns forces sisters to leave elder care home Watch

Image of Sister Joseph, the Mother Provincial for the order said the decision to leave had been a

By Catholic Online (NEWS CONSORTIUM)

The Little Sisters of the Poor have attended to needs of the elderly at the Wellburn Care Home in Dundee for more than 150 years. A lack of younger nuns has now forced the remaining seven sisters, all in their seventies, to continue their work elsewhere. The ... continue reading


Vatican withdraws support of 'questionable' anti-human trafficking initiative Watch

Image of It has been noticed in recent days that the Global Freedom Network's representative from the Holy See, Archbishop Marcelo Sanchez Sorondo, had left the group's executive board.

By CNA/EWTN News

Faithful to its commitment against human trafficking, the Holy See has left the board of an initiative it helped to found, as questions have been raised around both its effectiveness and its chair's possible use of the Pope to raise funds. Vatican City ... continue reading


Romans not enthusiastic over Pope Francis' declaration of a Jubilee Year in Rome Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

A Jubilee Year was officially declared by Pope Francis in Rome, as it expected for millions of pilgrims to gather around the city to observe the celebration. However, Romans are less enthusiastic and more worried, as Rome is in crisis following the discovery of ... continue reading


French locals not happy about King Salman of Saudi Arabia's three-week Riviera vacation Watch

Image of King Salman visits the Riviera Beach in France together with 1,000 of his entourage.

By Linky C. (NEWS CONSORTIUM)

The King of Saudi Arabia, King Salman was scheduled to arrive in France Friday for a holiday trip at the Riviera Beach. The King was expected to arrive together with 1,000 of his entourage. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - King Salman's visit was ... continue reading


Islamic State may use store-bought drones to launch terror attacks at British sporting events Watch

Image of ISIS could easily get its hands on cheap drones, with more than 127,000 being bought and sold on online auction site eBay in the last year alone.

By Catholic Online (NEWS CONSORTIUM)

Drones, unmanned aerial devices that can now be commercially purchased by civilians, may be used by Islamist State for terrorist attacks at British sporting events. The sick terror group would use the devices to drop explosives on to playing fields, and use the ... continue reading


New financial rules reveal Vatican had a billion euros off the books Watch

Image of The statements were prepared by the Prefecture for the Economic Affairs of the Holy See, the Vatican's budget management office.

By Catholic Online (NEWS CONSORTIUM)

The Holy See reports €1 billion in net assets never before reported, and in a consolidated form. This was part of the revelations that came under new reporting procedures more in line with international accounting standards. LOS ANGELES, CA (Catholic Online) - ... continue reading


Romans lose hope for city, fear mayor is too weak to conquer political scandals Watch

Image of

By Hannah Marfil (NEWS CONSORTIUM)

Arrests of powerful political figures in Rome continuously add up. After discoveries of corruption and mafia linkages, Romans feel more burdened over their falling apart home. Although the current mayor proved to be free from any criminal accusations linked to ... continue reading


Horrific female genital mutilation becomes shocking factor in many areas of England Watch

Image of Despite there being a lot of cases against FGM in England, there have been no prosecutions.

By Nikky Andres (NEWS CONSORTIUM)

Due to mass immigration, female genital mutilation (FGM) has made its way to the United Kingdom. Female genital mutilation is the practice of cutting off a girl's clitoris and labia before stitching up the vulva. According to recent reports, this damaging practice is ... continue reading


Quran manuscript, at 1,500 years old, may be the oldest one discovered to date Watch

Image of The leaves of parchment date back to A.D. 568 and A.D. 645.

By Catholic Online (NEWS CONSORTIUM)

After initiating radiocarbon dating, measuring the age of the parchments organic materials, researchers are confident they have found the oldest surviving copies of the Quran. University of Birmingham scholars in the United Kingdom say the parchment was produced within ... 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, Numbers 12:1-13
1 Miriam, and Aaron too, criticised Moses over the ... Read More

Psalm, Psalms 51:3-4, 5-6, 6-7, 12-13
3 For I am well aware of my offences, my sin is ... Read More

Gospel, Matthew 14:22-36
22 And at once he made the disciples get into the ... Read More

Saint of the Day

Saint of the Day for August 4th, 2015 Image

St. John Vianney
August 4: St. John Vianney, Priest (Patron of priests) Feast day - August ... 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