As part of ongoing efforts to promote transparency and chip away at the myths surrounding what is commonly called the Vatican bank, its new president announced it will have a website by the end of the year and will publish its annual report.

The website will not offer online banking and the annual report will not list clients, but it will explain what the institute is and what it does, according to Greg Burke, the media adviser for the Vatican Secretariat of State.

Unlike a bank, the Institute for the Works of Religion – the formal name of the bank – is not a lending institution and it is not a commercial enterprise intent on generating capital.