The Institute for the Works of Religion, also known as the Vatican Bank, recently revealed that it witnessed a twentyfold increase in its profits in 2014. According to the bank’s annual report, which was released on May 25, it earned €69.3 million last year as opposed to €2.9 million in 2013. Most of the bank’s earnings was handed over to the Holy See for its various operating costs.
In its report, the Institute for the Works of Religion said:
“The increase was mainly due to an increase in the net trading income from securities and to a decline in extraordinary operating expenses, which included the costs of outside consultants.”
Reportedly, services of the consultants were rendered to help the institute reform procedures and practices in keeping with revised Vatican regulations and international standards, including those aimed at preventing money laundering as well as financing terrorist organizations.
Battista Ricca, prelate of the institution, wrote in an introduction to the report that the bank’s purpose is not to chase the accumulation of wealth. Instead, its sole purpose is to faithfully and honestly serve the universal mission of the Roman Catholic Church by offering support to those who work in the “vineyards of the Lord – often thanklessly and under dangerous circumstances – to feed, educate, heal and permit the Gospel to be known.”
According to the annual report, a little over half of the bank’s account holders are religious orders that work around the world. Fourteen percent of the accounts belong to the Holy See’s Apostolic Nunciatures in different parts of the world, nine percent of the accounts are held by priests, bishops and cardinals, eight percent of the accounts are held by dioceses and the remaining accounts are held by religious education institutes and employees of the Vatican.
In 2013, the Institute for the Works of Religion tightened its guidelines for who can open or own an account with them. To comply with international regulations, the bank thoroughly reviewed all its account holders, eventually ending 4,614 ‘customer relationships’ and considering the end of 300 others.
Photo Credits: FT Data
