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Pope Francis

Complete program of pope's trip to Fatima on May 12-13

March 20, 2017. The Vatican has published Pope Francis' program for his upcoming trip to Fatima.
Pope Francis

Pope Francis will travel to Egypt from 28 to 29 April 2017

March 18, 2017. In response to the invitation from the President of the Republic, the Bishops of the Catholic Church, His Holiness Pope Tawadros II and the Grand Imam of the Mosque of Al Azhar, Sheikh Ahmed Mohamed el-Tayyib, Pope Francis will make an Apostolic trip to the Arab Republic of Egypt from 28 to 29 April 2017, visiting the city of Cairo. The programme of the trip will be published shortly.
Pope Francis

Pope to meet with most powerful European leaders on March 24

March 3, 2017. On March 24 a historic meeting will take place between the pope and many of the most powerful heads of government throughout Europe. The meeting was announced by the Director of the Press Office of the Holy See, Greg Burke and will begin at 6 p.m. in the Sala Regia of the Apostolic Palace in the Vatican.

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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