Institute for Religious Works
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| Private | |
| Industry | Financial services |
| Founded | 27 June 1942 (absorption of the Administration of the Works of Religion) |
| Headquarters | Vatican City |
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Key people
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Jean-Baptiste de Franssu (President) |
| Website | www.ior.va |
The Institute for the Works of Religion (Italian: Istituto per le Opere di Religione – IOR), commonly known as the Vatican Bank, is a private bank situated inside Vatican City and run by a Board of Superintendence which reports to a Supervisory Commission of Cardinals and the Pope. The Bank Identifier Code of the Institute for the Works of Religion is IOPRVAVX. Since 9 July 2014, its president is Jean-Baptiste de Franssu. The IOR is regulated by the Vatican's financial supervisory body AIF (Autorità di Informazione Finanziaria).
The institute was founded by papal decree of Pope Pius XII in June 1942. Its assets are not the property of the Holy See, and therefore it is outside the jurisdiction of the Prefecture for the Economic Affairs of the Holy See.
In June 2012, the IOR gave a first presentation of its operations. In July 2013, the Institute launched its own website. On 1 October 2013 it also published its first-ever annual report which has been available for download since then.
On 24 June 2013, Pope Francis created a special investigative Pontifical Commission (CRIOR) to study IOR reform. On 7 April 2014, Pope Francis approved respective recommendations on the IOR's future which were jointly developed by the CRIOR and COSEA commissions and the IOR's management. "The IOR will continue to serve with prudence and provide specialized financial services to the Catholic Church worldwide", as the Vatican release stated.
On 7 April 2014, Pope Francis approved a proposal on the Institute's future, "reaffirming the importance of the IOR’s mission for the good of the Catholic Church, the Holy See and the Vatican City State". On 25 May 2015, the IOR published its Annual Report for 2014.
The Istituto per le Opere di Religione (IOR) was founded on 27 June 1942 by Pope Pius XII. It absorbed the Amministrazione per le Opere di Religione (Administration of the Works of Religion), which had originated in the Commission for Works of Charity (Commissione ad pias causas) established by Pope Leo XIII on 11 February 1887. The IOR is not a department of the Roman Curia, the central administrative structure of the Roman Catholic Church. Nor is it a central bank. With the creation of the Secretariat for the Economy on 24 February 2014, the Administration of the Patrimony of the Apostolic See's role as the central bank of the Vatican was consolidated.
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