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By Cindy WoodenVATICAN CITY (CNS) -- The Institute for the Works ofReligion, often referred to as the Vatican bank, made a profit of 36 millioneuros (about $40 million) in 2016, according to its annual report.The institute held assets worth 5.7 billion euros at year'send, which included deposits and investments from close to 15,000 clients --mostly Catholic religious orders around the world, Vatican offices andemployees, and Catholic clergy.Before the report's release, the 2016 financial statementswere audited by the firm Deloitte & Touche and were reviewed by theCommission of Cardinals overseeing the institute's work. According to a statement from the bank June 12, all of theprofits will be turned over to the Holy See, with none being placed in theinstitute's reserve account.According to the report, most of the institute's clients"are active in missions or perform charitable works at institutions suchas schools, hospitals or refugee camps." That work is conducted all overthe w...
By Cindy Wooden
VATICAN CITY (CNS) -- The Institute for the Works of
Religion, often referred to as the Vatican bank, made a profit of 36 million
euros (about $40 million) in 2016, according to its annual report.
The institute held assets worth 5.7 billion euros at year's
end, which included deposits and investments from close to 15,000 clients --
mostly Catholic religious orders around the world, Vatican offices and
employees, and Catholic clergy.
Before the report's release, the 2016 financial statements
were audited by the firm Deloitte & Touche and were reviewed by the
Commission of Cardinals overseeing the institute's work.
According to a statement from the bank June 12, all of the
profits will be turned over to the Holy See, with none being placed in the
institute's reserve account.
According to the report, most of the institute's clients
"are active in missions or perform charitable works at institutions such
as schools, hospitals or refugee camps." That work is conducted all over
the world, including "in countries with very basic infrastructure and
underdeveloped banking and payment systems," which means they rely on the
institute, particularly in transferring donations from wealthier nations to
poorer ones.
"Measured by assets entrusted, the most important group
of clients was religious orders. They accounted for more than half of our
client base in 2016 (54 percent), followed by Roman Curia departments, Holy See
Offices and nunciatures (11 percent)," the report said. Cardinals, bishops
and other clergy make up about 8 percent of the client base, and another 8
percent is comprised of bishops' conferences, dioceses and parishes.
In addition to deposits in money, the institute also holds
"gold, silver, medals and precious coins" valued at close to 33
million euros. "Gold is mainly deposited with the U.S. Federal Reserve,
while medals and precious coins are kept in the IOR vaults," it said. IOR
is the Italian acronym for the Institute for the Works of Religion.
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MOSCOW (AP) -- Tens of thousands of protesters held anti-corruption rallies across Russia on Monday in a new show of defiance by an opposition that the Kremlin had once dismissed as ineffectual and marginalized....
MOSCOW (AP) -- Tens of thousands of protesters held anti-corruption rallies across Russia on Monday in a new show of defiance by an opposition that the Kremlin had once dismissed as ineffectual and marginalized....
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BELLEFONTE, Pa. (AP) -- Security camera footage played Monday at a hearing for Penn State fraternity members shows a pledge in apparent agony in the hours after falling down basement steps - and members of the fraternity he had just joined trying to physically restrain him....
BELLEFONTE, Pa. (AP) -- Security camera footage played Monday at a hearing for Penn State fraternity members shows a pledge in apparent agony in the hours after falling down basement steps - and members of the fraternity he had just joined trying to physically restrain him....
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TAUNTON, Mass. (AP) -- A young woman charged with sending her boyfriend text messages encouraging him to kill himself was a "very troubled youngster" who eventually went along with his plan to take his own life, a psychiatrist testified for the defense Monday....
TAUNTON, Mass. (AP) -- A young woman charged with sending her boyfriend text messages encouraging him to kill himself was a "very troubled youngster" who eventually went along with his plan to take his own life, a psychiatrist testified for the defense Monday....
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WASHINGTON (AP) -- President Donald Trump on Monday chaired the first meeting of his full Cabinet, saying the team is here to "change Washington."...
WASHINGTON (AP) -- President Donald Trump on Monday chaired the first meeting of his full Cabinet, saying the team is here to "change Washington."...
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SEATTLE (AP) -- Another U.S. appeals court stomped on President Donald Trump's revised travel ban Monday, saying the administration violated federal immigration law and failed to provide a valid reason for keeping people from six mostly Muslim nations from coming to the country....
SEATTLE (AP) -- Another U.S. appeals court stomped on President Donald Trump's revised travel ban Monday, saying the administration violated federal immigration law and failed to provide a valid reason for keeping people from six mostly Muslim nations from coming to the country....
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BOZEMAN, Mont. (AP) -- Montana's next congressman, Greg Gianforte, avoided jail time Monday after pleading guilty to assaulting a reporter the day before he was elected....
BOZEMAN, Mont. (AP) -- Montana's next congressman, Greg Gianforte, avoided jail time Monday after pleading guilty to assaulting a reporter the day before he was elected....
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WASHINGTON (AP) -- Interior Secretary Ryan Zinke on Monday recommended that the new Bears Ears National Monument in Utah be reduced in size and said Congress should step in to designate how selected areas of the 1.3 million-acre site are managed....
WASHINGTON (AP) -- Interior Secretary Ryan Zinke on Monday recommended that the new Bears Ears National Monument in Utah be reduced in size and said Congress should step in to designate how selected areas of the 1.3 million-acre site are managed....
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NORRISTOWN, Pa. (AP) -- Bill Cosby's trial raced toward a close Monday, with his lawyer telling the jury that the comedian and the woman who accuses him of drugging and molesting her more than a decade ago were lovers who had enjoyed secret "romantic interludes."...
NORRISTOWN, Pa. (AP) -- Bill Cosby's trial raced toward a close Monday, with his lawyer telling the jury that the comedian and the woman who accuses him of drugging and molesting her more than a decade ago were lovers who had enjoyed secret "romantic interludes."...
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WASHINGTON (AP) -- Attorney General Jeff Sessions, facing fresh questions about his Russian contacts during the election campaign and his role in the firing of James Comey, will be interrogated in a public hearing by former Senate colleagues on Tuesday....
WASHINGTON (AP) -- Attorney General Jeff Sessions, facing fresh questions about his Russian contacts during the election campaign and his role in the firing of James Comey, will be interrogated in a public hearing by former Senate colleagues on Tuesday....
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