|Vatican Stands by Its Ior Execs
By Fr Federico Lombardi
September 23, 2010
Sir, The Institute of Religious Works (IOR) has returned to international media attention in the wake of a surprise investigation by the Procurator’s Office in Rome (“Vatican backs bankers in laundering probe”, September 22).
Given that the activities of the IOR take place at an international level, and that its president is well-known in the world of international finance, it is appropriate that I should seek to avoid the spread of inaccurate information and to ensure that no damage is caused to the institute or the good name of its managers.
The IOR is not a bank in the normal definition of the term. It is an institute that administers the assets of Catholic institutions, who aim to further a religious and charitable apostolate at an international level. The IOR is located within the territory of Vatican City State, beyond the jurisdiction and surveillance of various national banks.
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