VATICAN CITY
Irish Times
The Vatican bank posted a sharp rise in net profit in 2014 after absorbing the costs of a clean up that hit earnings the year before as part of a wide-ranging drive to tighten financial governance and eliminate abuse, a statement showed on Monday.
The bank, formally known as the Institute for Religious Works (IOR), has toughened regulatory standards and closed thousands of accounts, which were either inactive or deemed not to meet new standards required of clients.
Reforming the IOR has been one of the most sensitive issues facing Pope Francis as he seeks to overhaul the complex Vatican administration after years of scandal, ranging from allegations of financial malpractice to coverups of child sexual abuse by priests.
After 2013 results that were hit by heavy write downs on investments and a jump in operating costs to meet new anti-money laundering standards, net profit last year rebounded to €69.3 million from €2.9 million the year before.
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