The POPE Encyclopedia
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VATICAN BANK
The financial institution of the Holy See that administers the banking needs of the population and officials of the Vatican City State. Known officially as the Institutio per le Opere di Religione (Institute for Works of Religigion, IOR), the bank is one of the best known of the financial departments in the Vatican, with the Prefecture for the Economic Affairs of the Holy See, the Administration of the Patrimony of the Apostolic See (APSA), and the Council of Cardinals for the Study of Organizational and Economic Problems of the Holy See. Aside from fulfilling the ordinary and day-to-day banking needs of the diplomats. heads of religious orders, special clients, and others who work in or are associated Wittl the Vatican, the bank makes important contributions to the investment strategy of the Holy See. The bank also has authority over funds that are, as the title of the bank itself declares, works of religion --the numerous programs around the world devoted to the care of souls. The IOR dates back to the organization founded in1887 by Pope Leo XIII under the title Administration of Religious Works, set up to administer funds for religious endeavors. In 1942, Pope Pius XII replaced this office with the formally established IOR. Pius. however, changed its overall mission by charging it with the oversight of all monies, as well as property, cash, and bonds, that were transferred or entrusted to the bank for those works of religion; it was also to administer the funds of the many religious orders of the Church. The IOR played a significant role in the safeguarding of the Church's finances during the turbulent years of the Second World War, Using its international associations to take precautions against the threat of a Nazi takeover of the Vatican. The Vatican Bank is best known today for the sensational scandals to which its name was attachcd in the late 1970s and early 1980s. Over the last years, the Vatican has attempted to repair the damage both to the reputation and credibility of the the IOR, culminating in the March 1, 1990, reform of the bank at the command of Pope John Paul II, part of his program of changes pertaining to papal finances.
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