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 Institute for Works of Religion (Vatican Bank)

The Institute for Works of Religion (Italian: Istituto per le Opere di Religione – IOR), commonly known as the Vatican Bank, is a privately held institute located inside Vatican City and run by a CEO who reports directly to a committee of cardinals, and ultimately to the Pope (or the Camerlengo of the Holy Roman Church during a sede vacante). Since its assets are not considered property of the Holy See, it is not overseen by the Prefecture for the Economic Affairs of the Holy See, and it is listed in the Annuario Pontificio not under "Holy See" or "Vatican City State", but after the pages on religious institutes, and cultural institutes, and placed with charitable foundations such as the John Paul Foundation for the Sahel. The bank's most recent President, Ettore Gotti Tedeschi, was removed from his post by the board of directors in May 2012, for dereliction of duty.


The Institute was involved in a major political and financial scandal in the 1980s, concerning the 1982 $4.7 billion collapse of Banco Ambrosiano, of which it was a major shareholder. The head of IOR from 1971 to 1989, Archbishop Paul Marcinkus, was under consideration for indictment in 1982 in Italy as an accessory of the bankruptcy; however, he was never brought to trial due to the Italian courts' ruling that the priest, being a high-ranking prelate of the Vatican, had diplomatic immunity from prosecution. As a private organization performing banking-like functions for religious institutions, it is not subject to public scrutiny. It nonetheless, presented a short presentation on its operations in 2012, apparently in response to recent criticism.

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updated Sun. February 10, 2019

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Paolo Cipriani, the former director, and Massimo Tulli, the former deputy director of the Vatican bank, had offered their resignations "in the best interest of the institute and the Holy See" in July 2013. The court's sentence comes from "a civil liability action started by IOR in September 2014 supported by a ...
It also came up after his abrupt, no-explanation dismissal of a respected Vatican bank manager. And it rose to the fore when he was accused by a cardinal of not realizing that his own diplomats were “selling out” the underground Catholic Church in China for the sake of political expediency. Some Vatican ...

Prominent figures from politics, law, business and sport gathered in Donnybrook Church to bid farewell to Peter Sutherland. The Pope sent a tribute to the former attorney-general, who became a special adviser to the Vatican Bank. The pontiff extended his condolences in a message to the family through ...
The Institute for Religious Works (IOR) the Vatican's bank at the Vatican. Photo: Gabriel Buoys/AFP. AFP. news@thelocal.it · @thelocalitaly. 30 November 2017. 11:29 CET+01:00. The deputy director of the Vatican bank has been sacked, throwing yet another question mark over Pope Francis's reform efforts ...
That question is making the rounds after the pope seemed completely unaware of the details of a Chilean sex abuse scandal, a failure that soured his recent trip there and forced him to do an about-face. It also came up after his abrupt, no-explanation-given dismissal of a respected Vatican bank manager.
OFFICERS from the National Police have smashed a ring that allegedly operated a fake branch of the Vatican bank and swindled people around the world. They arrested three Spaniards and a Colombian suspected of running the criminal network in Fuengirola, near the sea resort of Marbella, police said ...

Police in Spain have raided a fake branch of the Vatican Bank following accusations that it was swindling huge profits from contracts signed with companies around the world. Footage released by Spain's National Police shows the group's office in the seaside resort of Fuengirola near Marbella on the ...
Police seized this luxury car bearing a fake coat of arms. Photo: Police hand out/AFP. AFP. news@thelocal.es · @thelocalspain. 3 February 2018. 10:46 CET+01:00. Spanish police said on Friday that they had smashed a ring that allegedly operated a fake branch of the Vatican Bank and swindled people ...
When American archbishop Paul Marcinkus was appointed president of the Vatican Bank by Pope Paul VI in 1970, Mother Teresa was ...
Three weeks after published reports indicated that the Vatican Bank had started legal proceedings in Malta against what it said were “various ...
Two weeks after news emerged that the Vatican Bank had started legal proceedings in Malta against what it said were “various third parties” in ...
Optimum Asset Management is suing Istituto per le Opere di Religione (otherwise known as the Vatican bank) in Malta for defaulting on ...
From Rome to Malta, via Panama and Dubai: the Vatican bank claims its financial advisors and their Maltese firms used its millions to make a ...
The Vatican bank, called the Institute for Religious Works (IOR), was typified by the apostle's common purse, which contained alms for the poor.
Catholic priest Fr Laurence Soper withdrew £182,000 from a Vatican bank account before fleeing to Kosovo after he was accused of sexually ...
The Vatican bank has started a legal case in Malta against those it holds responsible for the loss of millions of euros held in investments on the ...
The Vatican's bank, known as the Institute of Religious Works, became notorious after the 1982 death of Italian banker Roberto Calvi, whose ...

Vatican City — The Institute for the Works of Religion, often referred to as the Vatican bank, made a profit of 36 million euros (about $40 million) ...
Pope Francis taps Notre Dame Investment Guru for Vatican Bank ... of the Institute for Works of Religion (IOR), also known as the Vatican Bank, ...
Far from being caught up in a “menacing web of intrigue and suspicious transactions,” the Vatican Bank had found itself in a hole that it had dug ...
Mother Teresa had so much money in the Vatican Bank that if she had withdrawn the money, the entire Vatican Bank would have emptied.
CWN Editor's Note: An investment company in Malta, sued by the Vatican bank for alleged misuse of funds, has filed a counter-suit, charging ...
Mother Teresa had such huge savings in the Vatican Bank that if she had withdrawn her funds the institution could have defaulted, according to ...
The Vatican has won praise in recent years from a European financial watchdog for cleaning up the scandal-tainted Vatican Bank, albeit ...
... the former president of the Institute for the Works of Religion, more popularly known as the “Vatican bank,” and Italian Monsignor Antonio Livi, ...
... better known as the “Vatican bank,” and Paolo Menini, an official of the Administration of the Patrimony of the Apostolic See, which oversees ...
A shot of the poster that went up in Rome in 1983 seeking information on Emanuela Orlandi, the 15-year-old daughter of a Vatican bank ...
From left, former Chairman of the Vatican Bank Ettore Gotti Tedeschi, Cardinals Raymond Leo Burke, Gerhard Ludwig Mueller, and Robert ...
They included not only Profiti and Bandera, but also Italian layman Paolo Cipriani, former director of the Vatican Bank, and Paolo Mennini, also ...
... Sindona washed Sicilian mob money through Banco Ambrosiano, the Priests Bank in Milan, and then through the Vatican Bank, itself.
... whether Gugliotta will be defrocked, because it seems stealing money from the Vatican bank is the only truly guaranteed cause for dismissal.
Franco predicts that Jean-Baptise de Franssu, the president of the Vatican bank, the Institute for Religious Works, will be the next major figure to ...
... Jean-Baptise de Franssu, president of the Institute for the Works of Religion (the so-called “Vatican bank”), named to the post in July 2014.
Vatican City — The Institute for the Works of Religion, often referred to as the Vatican bank, made a profit of 36 million euros (about $40 million) ...
Pope Francis taps Notre Dame Investment Guru for Vatican Bank ... of the Institute for Works of Religion (IOR), also known as the Vatican Bank, ...
The Vatican Bank: Good For More Than Just Money Laundering ... both at its bank, the Institute for Works of Religion, and its real-estate and ...
Known officially as the Institute for Works of Religion (IOR), the bank is ... to make the Vatican Bank a financial engine for good works around ...
The Vatican's bank, known as the Institute of Religious Works, became notorious after the 1982 death of Italian banker Roberto Calvi, whose ...
Placido said “Bad Bankers” will revolve around Monsignor Marcinkus, an American archbishop who presided over the Vatican Bank from 1971 ...
So far, however, the main changes have been the merging of departments to create two new ones. The major progress over the last four years as been on finances and communications.
In 2012, another case was launched in North Carolina, seeking compensation from the Vatican bank for the so-called "Ustasha treasures".
He adds, "The Vatican Bank is in pretty good shape. APSA, the finance and investment office, has made some progress. But there are large pockets of money, especially that controlled by the Congregation for the Evangelization of Peoples, that need to be ...
VATICAN CITY - The Vatican has issued new figures showing it narrowed its deficit by half in 2015 to $13 million. That compares with a deficit of about $27 million in 2014.
Marcinkus had been an archbishop and served as President of the Vatican Bank from 1971 to 1989, allegedly becoming involved in the Banco Ambrosiano scandal and several associated money laundering and organized crime cases.
To that end, the church has even looked into asking the Vatican's bank (rumored to have around $10 billion in holdings) to divest from fossil fuels.
Often it's about practical matters: sorting out the Vatican Bank, changing how bishops are chosen or clergy trained; that sort of thing.
The Vatican also reported 24 million euros in contributions from Roman Catholic dioceses, up from 21 million a year earlier, and 50 million euros from the Vatican bank, the same as the previous year. The Vatican city-state, which includes the post ...
The Vatican also reported 24 million euros in contributions from Roman Catholic dioceses, up from 21 million a year earlier, and 50 million euros from the Vatican bank, the same as the previous year. The Vatican city-state, which includes the post ...
... ecology and it's growing fast, but inspiring and heart-warming as it is, religious organizations just do not have the monetary clout to fight the battle alone.
Pope Francis took office in the midst of the child abuse scandals by priests, and allegations of corruption and money laundering at the Vatican Bank (or Institute of Religious Works). The child abuse issue had seriously damaged the reputation of the ...


 

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