Vatican Bank collects
All assets and liquid funds of the Holy See must be transferred to the so-called Vatican Bank IOR. The Pope ordered this in a letter. A deadline was set for the institutions involved.
According to this, the institutions of the Holy See will have 1 days from September 30 to transfer their liquid funds from existing other accounts to the IOR, the “Institute for the Religious Works”.
Pope arranges Vatican fortune
In addition, the letter specifies that only the IOR should act as “property manager and custodian of the movable property of the Holy See”. From this, a more precise separation of the activities of the IOR from the Vatican goods administration APSA can be derived. The latter in turn manages Vatican real estate and other existing Vatican assets.
investment strategy imposed
About a month ago, the Holy See had already imposed a stricter and uniform investment strategy. This is to ensure that financial investments "contribute to a fairer and more sustainable world" and - without financial speculation - are guided by a "moral and cultural" principle.
View across Via della Conciliazione to St. Peter's Square and St. Peter's Basilica / © Julia Steinbrecht ( KNA )
At the same time, while maintaining the real value, a sufficient return should be generated in order to co-finance the Vatican's activities in the long term.
The new strategy was published by the Economic Secretariat and will therefore also take effect from September 1st for five years. There is a transition phase to adjust the investments.
When the strategy was published, it was stated that all curia institutions must entrust their financial investments to the Vatican Bank IOR.
Investment policy made for negative headlines
The Vatican's investment policy has repeatedly made negative headlines in recent years. The ongoing Vatican criminal case for bad investments in a luxury property in London is receiving a lot of attention.
Ten Vatican employees and advisers have been charged in this connection.
Among them was Cardinal Giovanni Angelo Becciu, who used to hold a central position in the Secretariat of State. The accused are accused of embezzlement, fraud, extortion and abuse of office.
Source: Pope orders transfer of Vatican assets – DOMRADIO.DE
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