Vatican

Transparency, Vatican style

Posted by Marcus Wright on September 24, 2009
Banks, Regulation / Comments Off

As bankers brace themselves for higher capital requirements, curbs on bonuses, tougher regulation and continued pillorying as the bad guys of the global financial crisis, they are no doubt casting envious eyes at the Instituto per le Opere di Religione – better known as the Vatican bank. The Holy See has just  announced a management reshuffle which is expected to lead to greater transparency in the IOR’s operations. But the IOR has a fair way to go. In the words of the Wall Street Journal’s Stacy Meichtry: “The IOR doesn’t administer loans or publish its financial results. Its clients are mainly Vatican officials, clergy and private individuals who are invited by the bank to open accounts. Located in a medieval tower inside the world’s smallest state, the IOR is regulated only by a small commission of cardinals who report to the pope.”

 http://online.wsj.com/article/SB125373769718835097.html

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