Vatican
bank posts big jump in net profits for 2014
(Vatican Radio) The IOR, the Institute for Works of
Religion, released its Annual Report for 2014 on Monday, showing a net profit
of 69.3 million Euros, a substantial increase from the 2.9 million reported in
2013.
IOR media officer Max
Hehnberg told Vatican Radio that 2014 was a positive year financially, but
"within the norm" for what is widely known as the Vatican bank. The
net gains, the Institute said, are the result of a reorganization of the
accounts and “mainly due to an increase in the Net Trading Income from
securities and a decline in extraordinary operating expenses.”
“The main focus is on
fundamentally improving our overall client service standards and further
professionalizing our asset management services”, said Jean-Baptiste de Franssu
in a statement. "Next to providing seamless and reliable payment
solutions this is at the core of our plan within the new regulatory framework
introduced in the Vatican and given the recently signed tax agreement between
the Holy See and Italy".
The statement said
further strengthening of IOR compliance culture and resources is a priority
coupled with the establishment of new internal audit and risk management
functions. In particular, the systematic efforts towards implementation of
anti-money laundering (AML) and Know Your Customer (KYC) procedures under
supervision of Vatican regulator AIF have continued and procedures are
regularly monitored and further developed where necessary.
The Vatican Bank
serves some 15,000 customers who maintain 6 billion euro in assets entrusted to
the IOR. From May 2013 to 31 December 2014 the IOR closed 4,614
relationships with its customers, of which 2,600 were "dormant" or
inactive or small balance accounts. 554 accounts were closed which did
not fit in the categories of authorized client accounts and a further 1,460
were terminated for natural attrition. Another 274 accounts are in the
process of termination.
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