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Vatican Bank issues first public report in its 70 year history

The IOR, more commonly known as the Vatican Bank, was established in 1942. Since that time it had never allowed access into its balance sheets. But on Tuesday morning, it issued its firstannual report of its financial activity in 2012.

The 100-page report is the Vatican's latest effort to improve the bank's transparency and meet international standards. With 114 employees, the bank oversees nearly 18,900 accounts, with a combined total of 7.1 billion euros in assets. That's roughly the same size as a small regional bank.

The bank has nearly 800 million euros in equity, while the remaining 6.3 billion is split: 3.2 billion as an investment bank for its clients, and 3.1 billion as deposits for current accounts.

This added step into making the Vatican bank more transparent comes weeks before a special commission Pope Francis appointed is due to hand in their recommendations into the institution's future.

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