VATICAN CITY
Zee News
Vatican City: The Vatican bank today published its accounts for the first time in a new drive for transparency aimed at overcoming a series of scandals as Pope Francis plans a major overhaul.
The Institute for Works of Religion, also known as IOR under its Italian acronym, said its earnings for 2012 were USD 117 million, more than four times higher than in 2011.
“At the IOR, we are working hard on our part of the reform process: improving organisation, compliance and transparency,” said Ernst von Freyberg, the bank’s president who was appointed this year.
He said the earnings for 2013 would be impacted by spending linked to reforms at the bank, which is also due to complete an audit on compliance with money-laundering rules by the end of the year.
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