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Pope Francis orders Vatican entities to transfer all funds to Vatican bank

2022-10-05 19:29:16Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Pope Francis orders Vatican entities to transfer all funds to Vatican bank
The Vatican Bank

Pope Francis has ordered the Holy See and its related entities to transfer all financial assets to the Institute for Religious Works (IOR), commonly known as the Vatican bank.

The Pope's instruction, issued on August 23, clarifies the interpretation of a paragraph in the new constitution of the Roman Curia, Praedicate Evangelium, promulgated in March.

According to Francis' prescription, financial and liquid assets held in various banks must be transferred to the Vatican bank within 30 days of September 1, 2022.

IOR, headquartered in the Vatican City State, has 110 employees and 14,519 clients. As of 2021, it looked after 5.2 billion euros ($5.6 billion) of client assets.

Although commonly referred to as a "bank", the IOR is technically a financial institute, without branches, that works within Vatican City to provide services to clients, which include the Holy See and related entities, religious orders, clergy, Catholic institutions and employees of the Holy See.

IOR saw its customer count fall by 472, from 14,991 customers at the end of 2020 to 14,519 in 2021. Nearly half of its clients in 2019 were religious orders.

According to its annual report, the financial institution's net profit of $19 million in 2021 was also down from $44 million in 2020 and $46 million in 2019.

In his August 23 prescription, Pope Francis said that article 219, paragraph 3 of the Praedicate Evangelium "must be interpreted to mean that the activity of the asset manager and custodian of the movable heritage of the Holy See and of the institutions connected to the See Holy is the exclusive responsibility of the Institute for Religious Works".

The decree will oblige the institutions of the Holy See, including the Secretariat of State, to transfer their financial assets to the IOR by the end of September.

The State Secretariat is known to have accounts with Swiss financial institutions, including Credit Suisse, through which the controversial London building investment was originally made.

Article 219, paragraph 3 of the new curial constitution states: "The execution of the financial transactions mentioned in paragraphs 1 and 2 is carried out through the Institute for Religious Affairs, IOR".

The financial transactions described in paragraphs 1 and 2 of article 219 are the administration and management of the immovable and movable assets of the Holy See and the entities that entrust their assets to the Holy See.


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