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 OCTOBER 2017
Workers and the Unemployed.
That all workers may receive respect and protection of their rights, and that the unemployed may receive the opportunity to contribute to the common good.


Comments


More Europe

It's good to be the Pope! Pope Francis gets a Lamborghini Watch

Image of The car will be auctioned and the proceeds donated to help resettlement of Christians on the Nineveh Plain.

Pope Francis now has a nice car than you, in the form of a limited edition Lamborghini Huracan. It's a beautiful work of art. Even more ... continue reading


'Christmas Blood': ISIS directly threatens Christmas, Pope Francis and the Vatican in one frightening image Watch

Image of The Islamic State favors attacks during important Christian holidays.

"Christmas blood" and an attack on the Vatican. A pro-ISIS media outlet has published a poster showing an attack on the Vatican with a ... continue reading


Can those in Purgatory communicate with the living? Watch

Image of Can the souls in Purgatory reach out to us?

Nestled in Rome just outside the Vatican, a small unassuming museum dedicated to the souls in Purgatory displays simple items such as ... continue reading


The truth about what caused the Reformation Watch

Image of Martin Luther

One fated Halloween, 500 years ago, Martin Luther nailed his 95 theses to the door of Wittenberg Castle in a dramatic act of defiance ... continue reading


Will Europe return to its Christian roots? Watch

Image of Europe is at a crossroads.

On Sunday, the people of Austria elected a new government. At 31 years of age, Sebastian Kurz is poised to become Europe's youngest head of ... continue reading


Never Miss any Updates!

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

Information
Learn about Catholic world

Catholic Online
Inform - Inspire - Ignite

Catholic Online Saints
Your saints explained

Catholic Online Prayers
Prayers for every need

Catholic Online Bible
Complete bible online

Catholic Online News
Your news Catholic eye

Daily Reading
Today's bible reading

Lent / Easter
Death & resurrection of Jesus

Advent / Christmas
Birth of Jesus

Rest of Catholic Online
All Catholic world we offer

Services
Products and services we offer

Catholic Online Shopping
Catholic medals, gifts & books

The California Network
Inspiring streaming service

Advertise on Catholic Online
Your ads on catholic.org

Catholic Online Email
Email with Catholic feel

Catholic Online Singles
Safe, secure Catholic dating

The California Studios
World-class post production service

Education
Learn the Catholic way

Catholic Online School
Free Catholic education for all

Student Classes
K-12 & Adult Education Classes

Catholic Online MasterClass
Learn from experts

School Teachers
Teacher lesson plans & resources

Catholic Media Missionaries
The New Evangelization

Support Free Education
Tax deductible support Free education

Socials
Connect with us online

Catholic Online on Facebook
Catholic social network

Catholic Online on Twitter
Catholic Tweets

Catholic Online on YouTube
Enjoy our videos

Catholic Online on Instagram
Shared Catholic moments

Catholic Online on Pinterest
Catholic ideas style inspiration

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.