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Holy See confirms investigation of Order of Malta

January 17, 2017. The Holy See has issued a statement Tuesday in response to "attempts by the Order of Malta to discredit” the new group established by the Vatican to conduct the investigation of why the Chancellor of the Order of Malta was asked to step down.
World

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:

Vatican Bank's profits tumble from EUR 86 million to 2.9 million amid ongoing reforms

2014-07-08

As the Holy See prepares to announce on Wednesday the Vatican Bank's new structure and leadership, the institution released its profits report for 2013. The IOR posted earnings of EUR 2.9 million ($3.9 million), far below the EUR 86 million ($117 billion) registered in 2012. 

Overall, the Bank brought in about EUR 70 million ($95.1 million) in revenue. But huge write-downs from pre-reform investments, and large operational expenses ebbed away at profits. 

Tellingly, for 2013, the Vatican Bank spent EUR 8.3 million ($11.3 million) in "professional services,” required for its "reorganization and reform.” It included contracts with auditing firms Deloitte and the Promontory Financial Group. 

The summary income statements also showed that the Bank contributed EUR 54 million ($73.4 million) to the Vatican's budget.

The IOR listed the final results of Phase I of its reform process. As of June 30, 2014, the Bank had 15,495 customers, and managed  EUR 6 billion ($8.15 billion) in assets. 

During Phase I, they closed about 3,000 "customer relationships,” 2600 of which were "dormant,” or unused for an extended period of time. The remaining 396 did not meet the Bank's new criteria, restricting account holders to Catholic organizations, clergy, Vatican employees, and diplomats accredited to the Holy See. The IOR also stated that it froze, and is in the process of closing, an additional 359 customer accounts.

On Wednesday, the Vatican's new Secretary of the Economy, Card. George Pell, will announce Phase II of the Vatican Bank's reform. The expected changes include a new bank president, as well as a scale down of services.


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