According to a June 6, 2023, article by Religion News Service, the Vatican bank—once a symbol of financial malfeasance—has successfully rebranded itself as a pillar of transparency at the Vatican. The late Cardinal Pell of Australia, at the behest of Pope Francis, played a major role in radically transforming the Vatican bank policies and practices. RNS—Describing itself as the only financial entity aimed at adhering to Catholic ethics instead of achieving the highest possible profit, the Vatican bank, officially called the Institute for Religious Works or IOR, made 29.6 million euros in profit in 2022, according to its budget published on Tuesday (June 6). In its 11th annual budget report, the Vatican’s financial institution presented a positive statement of its operations, crediting interest margins, investments and digitalization. The 2022 profits represent a hopeful rebound from its 2021 report, when the Vatican bank reported a profit of 18.1 million euros, a decline compared with previous years. The Vatican bank has undergone significant changes under Pope Francis and his predecessor, the late Pope Benedict XVI, aimed at promoting transparency and efficiency in the Catholic institution’s wrought finances. In an edict issued in August 2022, Pope Francis ordered all financial assets belonging to the Holy See be moved to the institute to promote centralization. “Throughout 2022, IOR continued to expand its banking and investment services, further develop its IT platforms, hire experienced professionals in managerial roles, promote generational turnover, as well as introduce a transparent and structured remuneration and incentive system,” the institute’s report read. Given the positive balance, the Commission of Cardinals that oversees the bank has...
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