Where does the Vatican store its gold? Mostly in the U.S. it turns out
By Catholic Online (NEWS CONSORTIUM)
7/16/2014 (3 years ago)
Catholic Online (www.catholic.org)
The Vatican Bank-formally known as the Institute for the Works of Religion-has released a 107-page, detailed financial report for 2013.
A new report from the Vatican bank details just where the wealth of the Catholic Church is actually stored.
LOS ANGELES, CA (Catholic Online) - This release comes just one week after the group published highlights of its 2013 financial statement, which was released on July 8. The first statement said that the institute's net profit for 2013 was only $3.9 million, compared to a net profit of $117.7 million in 2012.
The detailed report, which was published on July 15 on the institute's website, is packed with information and explanations of the institute's focus, its investment policies, the division of its assets and more detailed information about its expenses, including contributions made to employee pensions.
The report also contains some odd curiosities.
The main depository of the Vatica's gold is the U.S. Federal Reserve, while medals and precious coins (more than $13 million) are kept in IOR vaults. A sharp decline in the price of gold meant that the value of Vatican gold fell from almost $40 million in 2012 to $27 million in 2013.
The Institute's officers also have almost $4.5 million in four funds set up for charitable purposes, including one to support religious orders and missionary work. Only the "Fund for Holy Masses" reported distributing any money in 2013 though, giving out almost $80,000.
The bank is also the sole owner of SGIR, an Italian-registered company which has almost $30 million in equity. The report describes SGIR as a property company.
The report also goes on to state that the institute's operating expenses include a "provision of [$1.3 million] payable to the owner of the building in which the IOR conducts business." The bank is located in the 15th-century Tower of Nicholas V on the eastern edge of the Apostolic Palace.
There is also nearly $340 million invested into external funds; 99% of the money is invested into funds that have their legal headquarters in Europe, while the remaining 1% is based in the U.S.
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.
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
A supposed letter from the devil has been partially translated, more than 300 years after it was written. LOS ANGELES, CA (California ... continue reading
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
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
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
by Catholic Online
- St. Finbar: Saint of the Day for Monday, September 25, 2017
- Inspiring martyred Oklahoma priest officially beatified
- Daily Reading for Tuesday, September 26th, 2017 HD Video
- In the Kingdom of God No One is Unemployed
- Daily Readings for Monday, September 25, 2017
- Terrifying mass shooting at Nashville church leaves several injured
- Daily Reading for Monday, September 25th, 2017 HD Video
- Woman photographs angel in flight, is it here to deliver a message? HD
- Daily Reading for Sunday, September 24th, 2017 HD
- Hurricane Maria: The worst disaster for Puerto Rico HD
- Daily Reading for Saturday, September 23rd, 2017 HD