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Pope Francis

These are the names of the 17 new cardinals the pope appointed at the consistory

November 19, 2016. 13 of them are under the age of 80, and thus able to vote in a hypothetical conclave, and four of them are non-electors.
Vatican

Vatican congratulates Trump and hopes his time in office "can truly be fruitful"

November 9, 2016. While speaking to Vatican Radio, Cardinal Pietro Parolin, the Vatican Secretary of State, congratulated the new president and hoped that his government "can truly be fruitful."
Vatican

Vatican strongly reacts to episcopal ordinations in China made without pope's permission

November 7, 2016. "In recent weeks, there has been a series of reports regarding some episcopal ordinations conferred without Papal Mandate of priests of the unofficial community of the Catholic Church in Continental China,” explains the Vatican in a letter signed by the Director of the Holy See Press Office, Greg Burke.

The Vatican bank by the numbers

2014-03-23

The Institute for the Works of Religion is the main financial center for the Holy See. It employs 114 people, and oversees 18,900 accounts worth over $8.6 billion. The IOR, more commonly known as the Vatican bank, has over $1 billion in equity, and in 2012 posted a $119 million profit.

In 1942, the Vatican founded the bank to provide Catholic institutions a secure way to manage their assets, without losing money. Its services are restricted to religious orders, Vatican employees, Catholic organization affiliated with the Vatican, and ambassadors accredited to the Holy See.

Soon, the Vatican bank's favorable conditions attracted questionable clients, causing scandals and headaches for the Vatican. As a result, Benedict XVI and Pope Francis ordered a review, to bring the troubled institution up to par with international norms on transparency, and fighting money laundering. The Council of Europe said these changes are on the right path.

Last year, the Vatican hired consulting firm Promontory Group to scrutinize the bank's accounts for missing information. In addition, it appointed Ernst & Young to review the IOR, as part of a yearly internal audit the Vatican's Financial Information Authority requires by law.


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