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Rome Newsroom, Aug 23, 2022 / 05:51 am (CNA). Pope Francis has ordered that the Holy See and connected entities move all financial assets to the Institute for Works of Religion (IOR), commonly known as the Vatican bank. The pope’s rescript, issued Aug. 23, clarifies the interpretation of a paragraph in the new constitution of the Roman Curia, Praedicate Evangelium, promulgated in March. According to Francis’ rescript, financial and liquid assets held in banks other than the IOR must be moved to the Vatican bank within 30 days of Sept. 1, 2022. The IOR, based in Vatican City State, has 110 employees and 14,519 clients. As of 2021, it looked after 5.2 billion euros ($5.6 billion) of client assets. Though commonly called a “bank,” the IOR is technically a financial institute, with no branches, working within Vatican City State to provide services to clients, which include the Holy See and connected entities, religious orders, clergy, Catholic institutions, and Holy See employees… The decree will force Holy See institutions, including the Secretariat of State, to move their financial assets to the IOR by the end of September. The Secretariat of State is known to have had accounts in Swiss financial institutions, including Credit Suisse, through which the controversial London building investment was initially carried out.” – SOURCE.
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