Pope Francis is right up there with the Gnomes of Zürich when in comes to the money changers (Matthew 21:12). Socialism for the "faithful", Capitalism for the Pope - how quaint.
Profit at Vatican bank soars 20 times as it moves away from scandals of the past
The bank, officially called the Institute for Religious Works, earned €69.3m last year
By Nick Squires, Rome
4:24PM BST 25 May 2015
Once tainted by scandal and intrigue, the Vatican bank has managed to increase its profits by more than 20 times since embarking on a comprehensive drive for transparency and accountability ordered by Pope Francis.
The bank announced on Monday that it earned €69.3 million (£49 million) in 2014 – up from €2.9 million the previous year.
Profits plummeted in 2013 as a result of a dramatic dip in the value of the bank’s gold reserves, two substantial write-offs and the cost of employing a team of forensic accountants to review the murkiest corners of its finances.
The outside consultants were brought in to bring the bank, officially known as the Institute for Religious Works, into compliance with tough anti-money laundering regulations.
….
The bank, officially called the Institute for Religious Works, earned €69.3m last year
By Nick Squires, Rome
4:24PM BST 25 May 2015
Once tainted by scandal and intrigue, the Vatican bank has managed to increase its profits by more than 20 times since embarking on a comprehensive drive for transparency and accountability ordered by Pope Francis.
The bank announced on Monday that it earned €69.3 million (£49 million) in 2014 – up from €2.9 million the previous year.
Profits plummeted in 2013 as a result of a dramatic dip in the value of the bank’s gold reserves, two substantial write-offs and the cost of employing a team of forensic accountants to review the murkiest corners of its finances.
The outside consultants were brought in to bring the bank, officially known as the Institute for Religious Works, into compliance with tough anti-money laundering regulations.
….


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