Vatican Bank

This is a private institute which is located within vatican city and it is run by an advisory board who gives report directly to the pope and a committee of cardinals.

Vatican bank. Istituto per le opere di religione or shorter ior. The vatican bank istituto per le opere di religione ior banca vaticana was founded on june 27 1942 by pope pius xii and is located inside the vatican city. The vatican s official bank has faced repeated crises since it was founded in 1942 and the bank itself was created to curtail fiscal irregularity. This institution which is actually a private bank was established in june in the year of 1942 when the papal decree of pope pius xii was brought.

Also known as the institute for the works of religion the vatican bank is a. At the centre of the bank s failure was its chairman roberto calvi and his membership in the illegal former masonic lodge propaganda due aka p2. They were however acquitted of a more serious money laundering charge which involved 60 million in transfers 57 and were sentenced to four months and ten days in prison. Cipriani was a former vatican bank director and tulliof was cipriani s former deputy.

Vatican bank is a more common name for the institute for the works of religion in italian. The institute for works of religion ior commonly referred to as the vatican bank is a privately held financial institution located inside vatican city. Banco ambrosiano was an italian bank that collapsed in 1982. Founded in 1942 the ior s role is to.

The institute for the works of religion commonly known as the vatican bank was banco ambrosiano s main shareholder the vatican bank was also accused of funnelling covert united states. But when pope francis was elected in 2013 it. The vatican bank was established in june 1942 by pope pius xii.