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Native name | Istituto per le Opere di Religione |
|---|---|
| Company type | Juridical canonical foundation[2] |
| Industry | Financial services |
| Founded | 27 June 1942 (absorption of the Administration of the Works of Religion) |
| Founder | Pope Pius XII |
| Headquarters | Vatican City |
Key people |
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| €30.59 million (2023)[3][page needed] | |
| AUM | €2.95 billion (2023)[3][page needed] |
| Total assets | €5.38 billion (2023)[3][page needed] |
| Total equity | €667 million (2023)[3][page needed] |
Number of employees | 107 (2023)[3][page needed] |
| Rating | Tier1 Ratio 59.78% |
| Website | www.ior.va |
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| This article is part of a series on |
| Vatican City |
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The Institute for the Works of Religion (Italian: Istituto per le Opere di Religione; Latin: Institutum pro Operibus Religionis; abbreviated IOR),[4][5] commonly known as the Vatican Bank, is a financial institution[2] that is situated inside Vatican City and run by a Board of Superintendence, which reports to a Commission of Cardinals and the Pope. It is not a private bank, as there are no owners or shareholders; it has been established in the form of a juridical canonical foundation, pursuant to its statutes.[2] Since 9 July 2014, its president is Jean-Baptiste de Franssu. The IOR is regulated by the Vatican's financial supervisory body ASIF (Autorità di Supervisione e Informazione Finanziaria).[6]
The Institute was founded in June 1942 by papal decree of Pope Pius XII. In June 2012, the IOR gave a first presentation of its operations. In July 2013, the Institute launched its own website.[7] On 1 October 2013, it also published its first-ever annual report.[8][9][10]
On 24 June 2013, Pope Francis created a special investigative Pontifical Commission (CRIOR) to study IOR reform.[11] On 7 April 2014, Pope Francis approved respective recommendations on the IOR's future which were jointly developed by the CRIOR and COSEA commissions and the IOR's management. "The IOR will continue to serve with prudence and provide specialized financial services to the Catholic Church worldwide", as the Vatican release stated.[12] On 7 April 2014, Pope Francis approved a proposal on the Institute's future, "reaffirming the importance of the IOR’s mission for the good of the Catholic Church, the Holy See and the Vatican City State".[12]
- ^ Nick Squires (1 July 2023). "Head of Vatican bank resigns amid corruption scandal". The Telegraph.
- ^ a b c Pope Francis (8 August 2019). "Chirograph of the Holy Father for the new Statutes of the Institute for the Works of Religion".
- ^ a b c d e "Istituto per le Opere di Religione Annual Report 2023". 14 June 2023.
- ^ "Acta Apostolicae Sedis" (PDF). 31 December 2003.
- ^ "Acta Apostolicae Sedis" (PDF). 31 December 2007.
- ^ "Interview With Vatican Financial Oversight Director Ren Brlhart". Spiegel Online. Hamburg, Germany. 18 March 2013.
- ^ IOR launches website, Vatican Radio, 31 July 2013
- ^ IOR: IOR Annual Report 2012 Archived 8 October 2013 at the Wayback Machine
- ^ "Vatican bank publishes first ever annual report". BBC News. 1 October 2013.
- ^ Winfield, Nicole (1 October 2013). "Secretive Vatican bank takes step to transparency". AP. Archived from the original on 10 October 2013. Retrieved 1 October 2013.
- ^ "Vatican Radio". radiovaticana.va.
- ^ a b "Communique: Holy Father approves recommendations on the future of the Ior". vatican.va.