VATICAN CITY
Vatican Insider
The Institute for the Works of Religion has published its annual report for 2013 ahead of its leadership change. The 23 million Euros seized back in 2010 remain blocked. The report also presents an analysis of assets and liabilities in the PIG countries
IACOPO SCARAMUZZI
VATICAN CITY
Today the Institute for the Works of Religion (IOR) published its annual report for 2013 on its website www.ior.va, following its recent leadership reshuffle. The independent audit and consulting firm Deloitte & Touche Ltd. gave the green light on 9 July. This is why the document does not contain the names of the IOR’s new management, as these figures, including the new president, Jean-Baptiste de Franssu – were nominated on 9 July. The document contains the information presented last week, plus details regarding the salaries of the outgoing managers and the severance pay received by its former directors. It also provides information regarding the geographical distribution of assets and liabilities and confirms that the 23 million Euros seized by prosecutors in 2010 remain blocked.
The key figures relating to the IOR’s management during 2013 were published in a press release issued by the Institute on 8 July. In 2013, the IOR witnessed a drop in net profit, from 86, 6 million Euros in 2012 to 2, 9 million Euros in 2013 but this grew again in the first half of 2014. At the end of 2013, the IOR had 17,419 clients compared to 18,900 at the end of 2012. The financial statement goes through the process followed to bring the Institute in line with international transparency standards and presents the new legal framework. “Phase I of the reform process successfully completed,” the former president of the IOR, Ernst von Freyberg writes in the report’s introduction.
The report notes that “bank deposits includes EUR 23 m deposited in a third-party bank pending full availability,” showing that the Institute’s relations with the Bank of Italy are still a work in progress.
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