October 14, 2013

As part of its continuing efforts to promote transparency and to demonstrate its stability and adherence to industry standards, the Vatican bank published its annual report for the first time.

The Institute for the Works of Religion, as the bank is formally known, released its independently audited report Oct. 1, publishing the 100-page document on its website: www.ior.va.

In his introduction to the report, Ernst von Freyberg, president of the institute, said, "2012 was a successful year for the IOR and for our clients.

The IOR posted earnings of 86.6 million euros (about $117 million), which allowed us to contribute 54.7 million euros toward the budget of the Holy See, while transferring 31.9 million euros to our general operating risk reserves."