Vatican bank publishes first-ever annual report

Greater transparency

The Vatican bank has published its annual report for the first time in its history as part of its continuing efforts to promote transparency, reports the Catholic News Service.

The Institute for the Works of Religion, as the bank is formally known, released its independently audited report on October 1, publishing the 100-page document on its website: www.ior.va.

In his introduction to the report, Ernst von Freyberg, president of the institute, said, "2012 was a successful year for the IOR and for our clients. The IOR posted earnings of 86.6 million euros (about $117 million), which allowed us to contribute 54.7 million euros toward the budget of the Holy See, while transferring 31.9 million euros to our general operating risk reserves."

The bank's earnings for 2012 were more than four times greater than the 20.3 million euros it earned in 2011, mainly due to an increase in the value of the securities it invested in, the report said.

In a statement published with the report, Cardinal Tarcisio Bertone, president of the cardinals' commission overseeing the bank, said: "The IOR has embarked on a course of reform, of which transparency is a key element."

Photo: The Institute for the Works of Religion, popularly known as the Vatican bank

FULL COVERAGE 

Vatican bank publishes first-ever annual report (CNS)

Vatican bank publishes accounts for first time (ABC)

Vatican bank has money laundering concerns (Business Insider)

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