Vatican Bank Trying to Become More Transparent

by Rachel Baker on October 3, 2013

The Vatican’s bank has just published its first annual report in the entire history of the Vatican Bank. For those of you score at home, it would be the first in 125 years.

The report shows 2012 was a successful year for the bank, with net profits more than quadrupling to 86.6m euros. The bank said this jump was mainly due to favourable trading results and an increase in the value of bonds it held. A majority of this profit – 54.7m euros – was given to the Pope to carry out the Church’s mission around the world.

Its balance sheet shows a total of 4.98bn euros in assets and 769m euros in equity funds. The assets were primarily held in bonds and money market accounts.

But the report also reveals the IOR had 41.3m euros in gold, coins and other precious metals, a stake in an Italian real estate company, and received two inheritance properties worth around two million euros in 2012.

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