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Perspectives Daily - Vatican Releases 2013 Financials

Stefan Slovak

July 8, 2014
In Vatican City this morning, the Institute of Religious Works, also known as the Vatican Bank, released its 2013 financial statements. The release of the documents on the part of the bank is an effort to increase the degree of transparency with which the institution operates. The report noted that profits at the bank were significantly down from 86.6 million Euros in 2012 to 2.9 million Euros last year. The press release from the bank stated that the dramatic decrease in net profits were due to "extraordinary expenses; losses related to propriety investments in externally managed investment funds committed to in 2012 and early 2013; and the fluctuation in the value of the IOR's gold reserves." It was also announced that the there would soon be a restructuring of leadership at the bank. Tomorrow His Eminence Cardinal George Pell, Prefect for the Economy, will hold a press conference to announce new members for the supervisory board of the bank, as well as name a replacement for Ernst von Freyberg, President of the Supervisory Council for the IOR. Vatican Radio’s German section had opportunity to speak to von Freyberg about the details of the report.
The Holy See also released an annual budget report from 2013. The budget for the Holy See, which includes the Roman Curia and Vatican communications outlets, saw a deficit of 24.4 million Euros. The majority of this was attributed to aforementioned losses in Vatican investments in gold. Despite those loses, a strong performance by the Vatican City State helped make up loses associated with other departments such as the Roman Curia, leaving the Vatican’s overall financial situation in the black 8.5 million Euros.
Also in Vatican City this morning, the Pontifical Council for Social Communications released version 2.0 of the Pope App. The new version of the highly popular mobile application for smart phones and tablet devices was presented and shown to Pope Francis this morning who expressed his gratitude to all of those responsible for the world done on the project. Powered by the Vatican’s news aggregate news.va, the updated application is available in five languages and provides users with the latest Papal news in a new and simplified format. Other features include the Papal Twitter feed, news stories, live streaming of Vatican events, archived images and video, all of which can be easily shared through the application to a wide variety of platforms. The Pope App is now available for download on both the Apple App Store as well as Google Play.
On Sunday, the community of Lac-Mégantic, Quebec marked the one-year anniversary of the tragic train derailment that killed 47 people and cause significant damage to the town. A special midnight mass was celebrated at St. Agnes parish to mark the occasion followed by a candle-lit procession at 1:15am to mark the moment of the disaster. A Sunday morning mass was also celebrated at the church by His Grace Archbishop Luc Cyr, Archbishop of Sherbrooke. In addition to the hundreds of people both in and outside the church, mass was also attended by Governor General David Johnston, and Quebec Premiere Philippe Couillard. In his sermon, the Archbishop encouraged people to continue as one, to continue to rebuild and find confidence in one another. Following mass, a large granite plaque was unveiled outside the church listing the names of all the victims of the tragedy. To conclude the unveiling, a number of people laid flowers to honor those who had fallen.