Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/3/2013 (10 months 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 (10 months 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'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Europe

Scandalous details come to light over defrocked nuncio's abuse of young boys Watch

Image of Shoeshine boys int he Dominican Republic say that Archbishop Jozef Wesolowski would cruise the oceanfront promenade and offer them large sums of money for sexual acts.

By Catholic Online (NEWS CONSORTIUM)

Loathsome details have come to light over defrocked Archbishop Jozef Wesolowski, the Vatican's ambassador to the Dominican Republic. Shoeshine boys say that Wesolowski would cruise the oceanfront promenade and offer them large sums of money for sexual ... continue reading


Archbishop appeals his defrocking for sexual abuse allegedly committed in Dominican Republic Watch

Image of If found guilty in a criminal trial, Archbishop Jozef Wesolowski could risk extradition to the Dominican Republic, which has appointed a special prosecutor to investigate the case.

By Catholic Online (NEWS CONSORTIUM)

Archbishop Jozef Wesolowski, from Poland, is accused of child sex abuse while he served in the Dominican Republic. He has since appealed against a Roman Catholic tribunal's decision to defrock him, according to the Vatican. LOS ANGELES, CA (Catholic Online) - ... continue reading


SHOCKING: Are there more British Muslims fighting for the Islamic State than for British military? Watch

Image of Many young men facing poor job prospects in the U.K. find the IS narrative of defending Islam hard to resist.

By Catholic Online (NEWS CONSORTIUM)

It's a shocking figure that has many questioning immigration laws. Britain's Ministry of Defense has confirmed that there are approximately 600 British Muslim service members in its armed forces of almost 200,000 people. In a momentous slap to the West - and ... continue reading


British Archbishop demands Muslim leaders enforce discipline on youth or face the consequences Watch

Image of George Carey, a former Archbishop recently spoke on the dangers of the Islamic State, as well as the British Muslims who go overseas to fight for it.

By Catholic Online (NEWS CONSORTIUM)

A former Archbishop of Canterbury has called for Britons that are fighting for the Islamic State to be banished from Britain. LOS ANGELES, CA (Catholic Online) - Lord George Carey of Clifton said that Muslims must  discipline their young people, or see them ... continue reading


Pontifical Council Statement on the Violence in Iraq Watch

Image of Let us therefore unite our voices with that of Pope Francis:

By Vatican Radio

No cause, and certainly no religion, can justify such barbarity. This constitutes an extremely serious offense to humanity and to God who is the Creator, as Pope Francis has often reminded us. VATICAN CITY (Vatican Radio) - The Pontifical Council for Interreligious ... continue reading


British rapper makes 14-year-old girl post sex video online Watch

Image of The girl, who can't be named for legal reasons, accepted a friend request from rapper Logik, whose real name is Kyle Burns.

By Catholic Online (NEWS CONSORTIUM)

It was a sick incident that highlights what's going on around the eyes and ears of semi-attentive parents. A British rapper who goes under the stage name of "Logik" asked a 14-year-old girl to pose an indecent 60-second video of herself to which he promised ... continue reading


A new tomb may be the burial place of Alexander the Great Watch

Image of This road leads up to a newly discovered tomb which could hold the remains of one of Alexander the Great's generals.

By Catholic Online (NEWS CONSORTIUM)

Archaeologists in Greece have discovered an immense tomb that they believe may be connected with Alexander the Great, whose conquests stretched from Greece to India. LOS ANGELES, CA (Catholic Online) - This tomb, which dates to around 300 BC, may have held the body ... continue reading


WRITTEN OFF: Debt used by Vatican to finance religious films wiped clean Watch

Image of The Vatican's at-the-time Secretary of State Tarcisio Bertone ordered the investment in Lux Vide SpA. He said the company shared the Holy See's

By Catholic Online (NEWS CONSORTIUM)

Pope Francis has tried to loosen ties between the Catholic Church and Italy's business and political world. The pontiff considers this longstanding network of relations improper and antithetical to the Church's religious mission. To this end, the Vatican has ... continue reading


Spanish priest stricken with Ebola returned to Europe for treatment; Victims left rotting in streets Watch

Image of Seventy-five-year-old Missionary Miguel Pajares, a Spanish priest has become the first person carrying the deadly Ebola virus to be brought back to Europe for treatment.

By Catholic Online (NEWS CONSORTIUM)

Seventy-five-year-old Missionary Miguel Pajares, a Spanish priest has become the first person carrying the deadly Ebola virus to be brought back to Europe for treatment. In the meantime, shocking new photographs have emerged showing more victims being dumped in ... continue reading


Pope Francis Teaches on the Beatitudes: Portrait of Jesus and the Path to Happiness Watch

Image of Let us try to recall them and to imprint them, in our hearts. Let's do this: I will say them one after the other and you will repeat them. Agreed? - Pope Francis

By Catholic Online

As Moses stipulated regarding the Covenant with God in accordance with the law received on Sinai, so Jesus, from a hill on the shore of Lake Galilee, gives to his disciples and to the crowd a new teaching that begins with the Beatitudes. Moses gave the Law on ... 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, Second Thessalonians 3:6-10, 16-18
6 In the name of the Lord Jesus Christ, we urge you, ... Read More

Psalm, Psalms 128:1-2, 4-5
1 [Song of Ascents] How blessed are all who fear ... Read More

Gospel, Matthew 23:27-32
27 'Alas for you, scribes and Pharisees, you ... Read More

Saint of the Day

Saint of the Day for August 27th, 2014 Image

St. Monica
August 27: St. Monica was married by arrangement to a pagan official in ... 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