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The Institute for the Works of Religion (Italian: Istituto per le Opere di Religione; Latin: Institutum pro Operibus Religionis; abbreviated IOR) commonly known as the Vatican Bank, is a financial institution that is situated inside Vatican City and run by a Board of Superintendence, which reports to a Commission of Cardinals and the Pope. It is not a private bank, as there are no owners or shareholders; it has been established in the form of a juridical canonical foundation, pursuant to its statutes.Since 9 July 2014, its president is Jean-Baptiste de Franssu. The IOR is regulated by the Vatican's financial supervisory body ASIF (Autorità di Supervisione e Informazione Finanziaria).
Origin and mission[edit | edit source]
The Istituto per le Opere di Religione (IOR) was founded on 27 June 1942 by Pope Pius XII. It absorbed the Amministrazione per le Opere di Religione (Administration of the Works of Religion), which had originated in the Commission for Works of Charity (Commissione ad pias causas) established by Pope Leo XIII on 11 February 1887. The IOR is not a department of the Roman Curia, the central administrative structure of the Roman Catholic Church, nor is it a central bank.
The purpose of the IOR is "to provide for the safekeeping and administration of movable and immovable property transferred or entrusted to it by physical or juridical persons and intended for works of religion or charity"
In 2014, the Vatican officially confirmed the IOR's mission as provider of "specialized financial services to the Catholic Church worldwide." Furthermore, it was affirmed by the Vatican that the "valuable services that can be offered by the Institute assist the Holy Father in his mission as universal pastor and also aid those institutions and individuals who collaborate with him in his ministry".
Gallery[edit | edit source]
WIP
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Banks, Finance, and Economy | IORwall |
TV channels | Vatican Mediabrick |
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Other Companies | Vatican Newsbrick |
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Deus vult |