Skip to content

Cleaning up finances, Vatican to appoint new banker in chief

By Catholic Online (NEWS CONSORTIUM)
7/8/2014 (3 years ago)
Catholic Online (www.catholic.org)

Criminal investigations into money mismanagement spurs on new management

Following a criminal investigation, resignations and a 2012 report that accused the Vatican of not doing enough to prevent money laundering, Pope Francis will appoint a new banker in chief. It's all part of new attempts by the Vatican to shine the light on all financial transactions.

The Vatican bank has begun screening all its customers to make sure they complied with new transparency rules.

The Vatican bank has begun screening all its customers to make sure they complied with new transparency rules.

Highlights

By Catholic Online (NEWS CONSORTIUM)
Catholic Online (www.catholic.org)
7/8/2014 (3 years ago)

Published in Europe

Keywords: Vatican, bank, theft, corruption, new appointments


LOS ANGELES, CA (Catholic Online) - The Institute for the Works of Religion, as the Vatican bank is formally known, claimed that its profits were virtually wiped out last year as new management combed through accounts.

Both Emeritus Benedict and his successor Pope Francis have since tried to clean house.

Help join the fight against world hunger -- by going here --

Swiss financial crime fighter Rene Brulhart was appointed in 2012 to bring Vatican regulation in line with international standards. In addition, German lawyer Ernst von Freyberg was hired on as president of the Vatican bank early last year.

The Vatican bank began screening all its customers to make sure they complied with new transparency rules. The bank has since terminated nearly 3,000 customer relationships as the accounts were small and mostly dormant.

About 400 were ended because the bank is narrowing its focus to serve only Catholic institutions, clerics, Vatican employees, embassies and diplomats to the Holy See. Another 359 customers who will also be dropped.

The Vatican bank also took a hefty charge to write down a number of investments made by the previous management. It also spent heavily hiring external consultants to advice on the clean-up operation.

The Institute for the Works of Religion said net profit last year slumped to 2.9 million euros ($4 million) from 86.6 million in 2012.

"It is fair to say that over the past months this often painful but very necessary process has opened the door to a new, unburdened future of the [bank] -- as a financial service provider that is fully and solely dedicated to serving the mission of the Catholic Church," von Freyberg says.

The new management team is expected to be announced shortly.

"After all their hard work, we are now in a position to move the [bank] to a second phase of reform under new leadership," George Pell, the former Archbishop of Sydney said. Appointed by Pope Francis earlier this year, Pell oversees financial and administrative affairs across the city state and Catholic Church.

---


'Help give every student and teacher Free resources for a world-class moral Catholic education'


Copyright 2017 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for SEPTEMBER 2017
Parishes.
That our parishes, animated by a missionary spirit, may be places where faith is communicated and charity is seen.


Comments


More Europe

Terrorist at large! London attack injures 22, more attacks could happen Watch

Image of An injured woman is escorted away from the site of the attack where 22 people were injured.

Scotland Yard is searching for a terrorist who placed a bomb on a London commuter train this morning. The bomb did not detonate properly, ... continue reading


Letter from the Devil translated - written by possessed nun. Here's what it says Watch

Image of The cryptic letter was allegedly authored by the devil.

A supposed letter from the devil has been partially translated, more than 300 years after it was written. LOS ANGELES, CA (California ... continue reading


More bones of St. Peter found! Clue suggests relic of Our Lady is nearby too! Watch

Image of Inscriptions on the lid reveal the bones inside belong to Peter and three other popes.

Workers have uncovered lost bone fragments of St. Peter under a slab of marble in a medieval church in Rome. The bone fragments had been ... continue reading


Can you crack the code in this mysterious book? One expert says he's finally cracked the Voynich manuscript, and the solution is easier than you think Watch

Image of Until now, nobody could read this ancient manuscript. But one person thinks he's solved the riddle.

An expert claims he has cracked the meaning of the Voynich manuscript, which has baffled cryptographers for over a century. The 600-year ... continue reading


As terrorists attacked, one church opened its doors. Here's what happened next Watch

Image of The Basilica of Santa Maria del Pi.

During the terrorist attacks in Barcelona on August 17, hundreds of people fled the area and sought refuge where they could find it. Stores ... continue reading


Never Miss any Updates!

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

Catholic Online Logo

Copyright 2017 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2017 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.