Vatican bank publishes accounts for 1st time

2013-10-01 10:06
Pope Francis (File, AFP)

Pope Francis (File, AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Vatican City - The Vatican bank published its accounts for the first time on Tuesday in a new drive for transparency aimed at overcoming a series of scandals as Pope Francis plans a major overhaul.

The Institute for Works of Religion, also known as IOR under its Italian acronym, said its earnings for 2012 were $117m - more than four times higher than in 2011.

"At the IOR, we are working hard on our part of the reform process: improving organisation, compliance and transparency," said Ernst von Freyberg, the bank's president who was appointed this year.

He said the earnings for 2013 would be impacted by spending linked to reforms at the bank, which is also due to complete an audit on compliance with money-laundering rules by the end of the year.

The IOR has long had a reputation for secrecy and intrigue, going back to the 1970s and 1980s with the collapse of the Banco Ambrosiano, where the Holy See was the main shareholder, which was accused of laundering money for the Sicilian mafia.

The chairman of Banco Ambrosiano, Roberto Calvi - dubbed "God's Banker" in the press - was found hanging from Blackfriars Bridge in London in 1982 in a suspected murder by mobsters for which no one has ever been convicted.

More recently the bank has been investigated for money laundering by Italian authorities and its director general and his deputy were placed under investigation and forced to resign this year.

Pope Francis, who has called for a "poor Church for the poor", in June set up a pontifical commission to analyse the bank and propose ways to reform it.

Read more on:    pope francis  |  vatican

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
29 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.