VATICAN CITY
Chicago Tribune
July 18 (Reuters) – Here is a look at the 70 year-old Vatican Bank and its scandals:
* The bank, known formally as the Institute for the Works of Religion (IOR), was established in 1942 by Pope Pius XII and is used by Vatican agencies, church organisations, bishops and religious orders around the world.
* It is a privately held institution located inside Vatican City run by a professional bank CEO who reports directly to a committee of cardinals, and ultimately to the Pope.
* It offers currency exchange services and interest-bearing accounts and has an investment portfolio.
* It has no branches outside Vatican City and it operates as an offshore institution outside EU rules.
* There are no shareholders and no policy-making functions.
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