IOR ("Vatican Bank") new website


The Istituto per le Opere di Religione (IOR), in a very sensible move, has set up its own website to give basic information and act as a point of contact for the media. The IOR is often referred to as "The Vatican Bank" but strictly speaking it is not a bank because it does not use deposits to lend money. (The question of whether it should become a bank is one of those raised by Pope Francis.)

In the nature of the case, the website is not the most exciting in the world, though it does have a pleasant minimalist design. There is quite a lot of information and plenty of links to relevant documents. The media section collects together recent press releases for convenience.

The principal function of the IOR is to look after assets transferred to it by Catholic institutions. 85% of its assets under management are from Catholic institutions such as religious orders, dioceses and the Holy See itself.

When looking at large numbers, especially concerning the Church and money, it is always useful to make comparisons. In 2012 the IOR had has assets under management of 7.1 billion euro (£6.1 billion). The Private Bank arm of HSBC, just to take an example, is over 50 times larger in that respect, having had $494 billion (£318 billion) under management in 2007 according to the Wikipedia article for HSBC. (Oh, and HSBC has also been accused of money laundering.)

Popular posts from this blog

1962 Missal pdf online

The Church Music Association of America and Jeffrey Tucker of the New Liturgical Movement have made available the 1962 Missal online in pdf format (72Mb). The file is hosted at Musica Sacra , the website of the CMAA, thanks to a generous gift from Fr Robert Skeris While you are at it, take a look at the articles clarifying the rules for music at Low Mass and music at High Mass .
Read more

Plenary indulgences not impossible

Dilexit Prior in Letters from a Young Catholic asked some useful questions today about indulgences. I thought it would be best to do a post here especially to cover the controversial question of detachment from venial sin. But first the other questions: The conditions for gaining a plenary indulgence Pope Paul VI set down a number of norms relating to indulgences at the end of Indulgentiarum Doctrina . Norm 7 states: To acquire a plenary indulgence it is necessary to perform the work to which the indulgence is attached and to fulfil three conditions: sacramental confession, Eucharistic Communion and prayer for the intentions of the Supreme Pontiff. It is further required that all attachment to sin, even to venial sin, be absent. If this disposition is in any way less than complete, or if the prescribed three conditions are not fulfilled, the indulgence will be only partial, except for the provisions contained in n.11 for those who are “impeded.” It is worth reading the other norms bec
Read more

Request for Novena to Blessed Pius IX

Image
A priest friend of mine is ill in hospital. He has a special devotion to Blessed Pius IX. Could I ask you, of your charity, to say a Novena for his speedy recovery. Novena In Honour of Blessed Pius IX Most Sacred Heart of Jesus, hear our prayers and glorify your servant Pius IX, who consecrated the Universal Church to you. (Our Father...) O Mary conceived without sin, pray for us who have recourse to you, hear our prayer and glorify your servant Pius IX who declared you Immaculate. (Hail Mary...) Saint Joseph, spouse of the most pure Virgin Mary, hear our prayer and glorify your servant Pius IX who declared you the Patron of the Universal Church. (Glory be...) Most Sacred Heart of Jesus, Immaculate Mary, our Hope, and Saint Joseph hear our prayers and glorify your servant Pius IX , granting to us through his merits and intercessions the graces which we ardently desire: that the glory of God be revealed through Father's illness. (Our Father..., Hail Mary..., Glory be
Read more

Saint Gabriel

Image
The angels call for our veneration and awe as part of God’s creation. Part of the destructive modernism of the 1970s included advice to Catholic school teachers that they should not talk to children about angels. This wrought lasting damage which continues to need rectifying. We should include in our prayers a heartfelt recourse to our own Guardian Angels. The Archangel Gabriel “God is my strength” would be terrifying were he to appear to any of us. Our Lady was “troubled” at the word of Saint Gabriel and wondered at the manner of the salutation. Immediately, according to his mission, the awesome messenger explained himself. Modern retelling of the event is often reduced to the jejune “Mary said Yes to God”. In fact, she said “Behold the handmaid of the Lord; be it done to me according to thy word”. This conveys more accurately the flawless faith and trust of the Immaculata. In the infinitely wise providence of the Father, we now know the structure of the event in even more detai
Read more

God bless America!

Image
I wish you all a very happy Fourth of July over there in the land of the free and the home of the brave. I thought I was a bit late but then realised that it is still early evening for you. I hope you had an enjoyable day. For the video this year, here is Kate Smith IN 1938 introducing the new composition "God Bless America."
Read more