Categories: Business

Vatican bank’s profit plunges to 2.9 million euros in 2013

The profit of the Vatican bank plunged in 2013 largely due to a clean-up process which has seen it end relationships with 3,000 customers.

Officially known as the Institute for Religious Works, the bank reported a 2.9 million euro (3.9 million) profit for 2013, down from 86.6 million euros ($117.8 million) in 2012.

Most of its losses came from the winding up of investments made before its reform program began.

Without these, it said profit would have been 70 million euros.

Pope Francis has sought to stamp out corruption and other abuses at the Vatican bank, which handles funds for the Catholic Church (photo Bloomberg)

Pope Francis has sought to stamp out corruption and other abuses at the Vatican bank, which handles funds for the Catholic Church.

He pledged to clean up the bank following accusations of money laundering and a lack of due diligence which allowed non-religious, and even crony, businessmen to hold accounts.

Between May 2013 and June 2014, outside experts combed through all the bank’s accounts in what the Vatican said was a “systematic screening of all existing customer records”.

As a result, it said it had terminated 2,600 “dormant” accounts which had seen no activity for a long time, as well as 396 customers who didn’t meet the criteria for doing business with the bank.

It said a further 359 customer accounts which didn’t meet its criteria were in the process of being terminated.

“I repeatedly said that I would proceed with zero tolerance for any suspicious activity. We have carried out our reforms in this spirit,” said the bank’s President, Ernst von Freyberg.

Ernst von Freyberg’s statement came ahead of an announcement on Wednesday which is expected to detail further expected re-structuring at the bank.

xYhaPZSFX9s
Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Donald Trump and Elon Musk Celebrate Election Victory at UFC 309

Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…

5 days ago

White House 2024: Donald Trump Wins, Kamala Harris Calls Him to Concede Election

Millions of voters across the US chose to return Donald Trump to the White House…

2 weeks ago

Who Won? Donald Trump Declares Victory as He Addresses Jubilant Supporters in Florida

Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…

2 weeks ago

Stocks Soaring as Donald Trump Closes in on US Victory

Stocks around the world are rising as Donald Trump appears to be on the cusp…

2 weeks ago

Who Won? Kamala Harris Cancels Election Night Party as Path to Victory Narrows

Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…

2 weeks ago

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

2 weeks ago