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Pope sends condolences for victims of Turkish cargo jet crash

January 16, 2017. On Monday morning, a Turkish cargo plane has tragically crashed in Kyrgyzstan, killing dozens and hospitalizing many others. Many homes and vehicles in the small village are also destroyed. As a result, Vatican Secretary of State, Pietro Parolin has sent a message of condolences to the victims of the disaster on behalf of Pope Francis.
Vatican

Pope Francis to meet with Palestinian president on Saturday

January 11, 2017. Pope Francis will meet with Palestinian president, Mahmud Abbas on Saturday, January 14, at the Vatican to inaugurate the new Palestinian embassy to the Holy See.
Vatican

Former Director of the Vatican's school for diplomats, Justo Mullor dies

December 30, 2016. The smiling archbishop Justo Mullor died this morning in Rome, at the Pío XI Clinic. He was 84 years old.
Pope Francis

Pope approves new decrees for the Causes of Saints

December 22, 2016. On Wednesday, December 21, Pope Francis authorized the following decrees for the Causes of Saints:

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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