Secret strategies for the Vatican Bank: Cardinal council meets in the shade

Secret strategies for the Vatican Bank: Cardinal council meets in the shade

In the Vatican, a secret meeting of the cardinal council took place this week, which determines the guidelines for Vatican Bank Ior, officially known as the institute for the works of religion. As Kathpress reported, four of the five members personally took part, while the Italian cardinal Giuseppe Petrocchi was switched on by video conference. The chair was in the hands of Cardinal Christoph Schönborn, who received information about the financial situation of the bank in the meeting, presented by Jean-Baptiste Douville de Franssu, the chairman of the bank's supervisory board, which has been in office since July 2014. His term thus exceeds the upper limit of ten years in the statute. However, observers expect a temporary extension of his term in office because the Pope seems to be satisfied with his work.

Vatican bank is considered one of the crucial economic supports of the Vatican. Under the supervision of de Franssu, the bank has paid a double -digit million dividend to the Pope annually, which is indispensable for the financial stability of the Vatican. In contrast to the Supervisory Board, the five -member cardinal council only specifies gross guidelines without interfering in the ongoing business of the bank. The members of the council, including Schönborn, Petrocchi, as well as the cardinals Konrad Krajewski, Paul Tscherrig and Luis Tagle, meet three to four times a year to steer the bank.

important role of the Vatican bank

The Vatican Bank, 1942 by Pope Pius XII. Founded, manages assets that are intended for religious or charitable purposes. It does not make loans and does not make direct investments, but manages deposits and invests in government bonds and corporate bonds. This financing strategy enabled the bank to contribute 55 million euros to the Vatican budget, which makes it one of the most important economic pillars, as can be read on vatican.com . Despite its role in the administration of church assets, the bank was faced with several scandals that shook trust in their practices.