VATICAN CITY (CNS) — Continuing its reform and efforts to promote financial transparency, the Vatican bank published its annual report for the 2015 fiscal year.
The Institute for the Works of Religion, as the bank is formally known, released the report May 12 and presented the document during a round-table event with Vatican Radio and L’Osservatore Romano, the Vatican newspaper.
The bank’s net profit for 2015 was 16.1 million euros ($18.3 million) compared to 2014 net profits of 69.3 million euros ($75.5 million at last year’s exchange rate).
Gian Franco Mammi, director general of the bank, said that although the document reports a lower profit than the previous year, 2015 “has been compatibly profitable, considering the objective difficulties of the market, its volatility and the crises that have occurred, such as Greece.”
“We can say that, for our part, however, efficient and dignified work has been done,” he said. “This year’s profit is compatible with the economic and political scenario of the time, and also considering that we have just finished an important transition phase.”
In his introduction to the report, Msgr. Battista Ricca, prelate of the institute, stressed that “the IOR is not, and must not become, a for-profit institution, much less a simple money-making machine; it is, rather, a canonical foundation called to promote works of religion.”
“In that sense, just as our Holy Father is a servant of servants, so it is my sincere hope that our institute will continue to aspire to mirror in its work the notion of helping others do their good works in the world more effectively,” he wrote.
In a press release published May 12, the institute — also known by its Italian acronym IOR — highlighted the adoption of several regulatory frameworks that include anti-money laundering measures, “Know Your Customer” protocols and a remediation process to address “past tax uncertainties and the strengthening of IOR’s governance and control functions.”
The remediation process led to the closing of 4,935 accounts between June 2013 and December 2015, it said. “Procedures in place are diligently applied to all new customer and related activities,” the report stated.
As of Dec. 31, it said, the IOR had 14,801 clients with assets of 5.8 billion euros at the institute.
In a time of crisis CatholicPhilly.com keeps the information flowing
During the current coronavirus crisis, you can help CatholicPhilly.com deliver the kind of news people need to know about the Catholic Church, especially in the Philadelphia region, and the world in which we live ― every day.
Budgets are tight at this time, and CatholicPhilly's is no different than those of most families. We make sure your donation in any amount will go a long way toward continuing our mission to inform, form in the Catholic faith and inspire the thousands of readers who visit every month.
Here is how you can help:
- A $100 gift allows us to present award-winning photos of Catholic life in our neighborhoods.
- A $50 gift enables us to cover a news event in a local parish, school or Catholic institution.
- A $20 gift lets us obtain solid faith formation resources that can deepen your spirituality and knowledge of the faith.
- A small, automated monthly donation means you can support us continually and easily.
Won't you consider making a gift today?
Please join in the church's vital mission of communications by offering a gift in whatever amount that you can ― a single gift of $40, $50, $100, or more, or a monthly donation. Your gift will strengthen the fabric of our entire Catholic community.
Make your donation by credit card here:
Or make your donation by check:
222 N. 17th Street
Philadelphia, PA 19103