Arab Today, arab today vatican bank erases all profits on account of reform measures
Last Updated : GMT 11:39:34
Arab Today, arab today
Arab Today, arab today

Vatican bank erases all profits on account of reform measures

Arab Today, arab today

Arab Today, arab today Vatican bank erases all profits on account of reform measures

Vatican bank
Vatican City - UPI

Pope Francis will appoint a new chief banker to the Vatican Bank, with the bank reporting minimal profits for 2013 as it attempts to clean up its accounts.
The Institute for the Works of Religion, the official name for the Vatican Bank, reported a meager €2.9 million profit for 2013 as compared to a €86.6 million profit in 2012. The drop in profits is a result of the bank cleaning up its accounts and winding up investments before reforms are introduced.
"With the support of the Holy Father and the Council of Cardinals, we are creating simpler, more efficient structures for those serving the mission of the Catholic Church," Cardinal-Prefect George Pell said Tuesday in an e-mailed statement.
Pope Francis plans to name a new banker to head the Vatican's finances and bring the bank in line with international standards to prevent fraud and money laundering in its operations.
Ernst von Freiberg was appointed last year by Pope Emeritus Benedict to weed out all suspicious accounts and find misplaced assists based on the bank's holdings. The bank hired outside experts, closed 2,600 "dormant" accounts and stopped doing business with 396 customers who did not fit the bank's standards. A further 359 customer accounts were in the process of being terminated.
The bank reported that had it not shut down accounts and investments profits would have been €70 million.
"I repeatedly said that I would proceed with zero tolerance for any suspicious activity. We have carried out our reforms in this spirit," said Ernst von Freyberg.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today vatican bank erases all profits on account of reform measures Arab Today, arab today vatican bank erases all profits on account of reform measures

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today Former head of Egypt’s syndicate submits appeal

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 15:06 2017 Saturday ,25 March

Dialysis Supplies Dwindle for Syrians

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday