Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The Vatican Bank/AFP

Finance

Vatican bank publishes accounts for first time

The Vatican Bank/AFP

The Vatican Bank/AFP

VATICAN CITY, Oct 1 – The Vatican bank published its accounts for the first time on Tuesday in a new drive for transparency aimed at overcoming a series of scandals as Pope Francis plans a major overhaul.

The Institute for Works of Religion, also known as IOR under its Italian acronym, said its earnings for 2012 were 86.6 million euros ($117 million) — more than four times higher than in 2011.

“At the IOR, we are working hard on our part of the reform process: improving organisation, compliance and transparency,” said Ernst von Freyberg, the bank’s president who was appointed this year.

He said the earnings for 2013 would be impacted by spending linked to reforms at the bank, which is also due to complete an audit on compliance with money-laundering rules by the end of the year.

The IOR has long had a reputation for secrecy and intrigue, going back to the 1970s and 1980s with the collapse of the Banco Ambrosiano, where the Holy See was the main shareholder, which was accused of laundering money for the Sicilian mafia.

The chairman of Banco Ambrosiano, Roberto Calvi — dubbed “God’s Banker” in the press — was found hanging from Blackfriars Bridge in London in 1982 in a suspected murder by mobsters for which no one has ever been convicted.

More recently the bank has been investigated for money laundering by Italian authorities and its director general and his deputy were placed under investigation and forced to resign this year.

Pope Francis, who has called for a “poor Church for the poor”, in June set up a pontifical commission to analyse the bank and propose ways to reform it.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...