
Vatican Bank Reports $44 Million Profit in Pandemic Year
Writing in the annual report, Cardinal Santos Abril y Castelló recalled that the institute published its internal regulations for the first time in its history in 2020.
Writing in the annual report, Cardinal Santos Abril y Castelló recalled that the institute published its internal regulations for the first time in its history in 2020.
Angelo Caloia, 81, was president of the Institute for Religious Works, also known by its Italian initials, IOR, from 1989 to 2009.
Earlier this year, a Maltese court authorized the seizure of IOR assets after a years-long court battle with investment managers over millions of euros which the Vatican bank agreed to invest with the firms, before withdrawing from the deal.
At issue is a 2013 investment plan involving the purchase of a property in Hungary – the Budapest Exchange Palace – for development and resale.
Msgr. Perlasca is now the fifth official or former official at the Secretariat of State to be targeted by Vatican investigators.
The disgraced former cardinal intervened in 2017 to pressure members of the U.S. Papal Foundation to support a controversial grant request.
Loan request was vetoed by Cardinal George Pell and financial authorities at the Vatican Bank before it was approved by the Holy See’s central bank.
Sources say a controversial U.S. grant was requested in order to balance the central bank's books after the hospital was unable to repay the money.
ANALYSIS: Sources tell the Register that this week’s investigative actions are primarily targeted at Vatican officials who are no longer working at the secretariat.
NEWS ANALYSIS: Part 2 of a Register assessment of the Pope’s efforts to reform the Vatican over the last five years.
Subscriber Service CenterAlready a subscriber? Renew or manage your subscription here.
SubscribeStart your Register subscription today.
Subscribe NowSign up for 6 Free IssuesTry us out with a free trial subscription.
Order NowGive a Gift SubscriptionBless friends, family or clergy with a gift of the Register.
Order NowOrder Bulk SubscriptionsGet a discount on 6 or more copies sent to your parish, organization or school.
Order NowSign-up for E-NewsletterGet Register Updates sent daily or weeklyto your inbox.
Sign Up