Press Release of the Istituto Per Le Opere Di Religione (ior)

Istituto per le Opere di Religione
July 15, 2014

http://www.ior.va/Portals/0/Content/Media/PressReleases/Press%20Release_IOR_8_July-ENG.pdf

[full test] Press Release_IOR_8_July-ENG

IOR releases financial statements for 2013 and announces Phase II of the Institute’s

reform

? Phase I 2013-2014 of IOR reform concluded: all accounts checked, principal legacy cases investigated, transparency achieved, procedures improved.

? Satisfactory operating performance in 2013, Net Profit and Assets under Management affected by reform process.

? Successful first half of 2014, with strong financial results.

? Phase II: IOR to continue to serve the Catholic Church worldwide with a new focus, a new governance and a new board and executive team.

Vatican City State, Tuesday, 8 July 2014 – The Istituto per le Opere di Religione (IOR) today released

its 2013 financial statements and gave a detailed update on the results of Phase I of the Institute’s reform. The second phase, namely the integration of the IOR into the new economic-administrative landscape of the Vatican, will be entrusted to a new board and executive team, operating under a new governance structure.The costs necessary for the completion of Phase I, and costs related to legacy investments, are reflected in the results for 2013.