FACT SHEET
March 2014
PURPOSE AND MISSION OF THE IOR
The “Istituto per le Opere di Religione” (IOR) is an institute founded on 27 June 1942 by Papal Decree
and set the task of serving the Holy See and its customers in the Catholic Church all over the world. Its
origins date back to the “Commission ad pias causas” established in 1887 by Pope Leon XIII.
The IOR’s purpose is set by its Statutes, amended by Pope John Paul II in 1990, and related by-laws. It
is “to provide for the custody and administration of goods transferred or entrusted to the Institute by
physical or juridical persons, designated for religious works or charity. The Institute can accept deposits
of assets from entities or persons of the Holy See and of the Vatican City State.”
The IOR strives to serve the global mission of the Catholic Church by safeguarding and growing the
patrimony of and providing worldwide payment services to the Holy See and related entities, religious
orders, other Catholic institutions, clergy, employees of the Holy See and the accredited diplomatic
corps.
The IOR is situated exclusively on the sovereign territory of the Vatican State. The IOR is regulated by
the "Autorità di Informazione Finanziaria" (AIF), the financial supervisory body for the Vatican City
State.
KEY FIGURES
Clients’ Assets
- Deposits
- Asset Management
- Custody
Equity
Net profit
Number of customers
Employees
1
2
20121
EUR 6.3 billion
EUR 2.3 billion
EUR 3.2 billion
EUR 0.8 billion
EUR 0.8 billion
EUR 86.6 million
18,900
114
20112
EUR 6.2 billion
EUR 2.5 billion
EUR 2.9 billion
EUR 0.8 billion
EUR 0.7 billion
EUR 20.3 million
21,000
106
Figures for full-year 2012 according to IAS
Figures for full-year 2011 according to IAS
Istituto per le Opere di Religione • Cortile Sisto V • 00120 Vatican City • Vatican City State
Regulated by the Autorità di Informazione Finanziaria (AIF)
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SERVICES
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The IOR provides deposit taking, asset management, custodial functions and international
payment transfers through correspondent banks, and holds salary and pension accounts of
employees of the Vatican.
The IOR predominantly invests its customers’ assets in fixed interest securities, government
bonds and money market accounts. Less than five percent of total assets are invested in
externally managed funds and equities.
The IOR does not use deposits to lend money and does not issue securities for resale or other
financial products.
CUSTOMERS
According to its Statutes the IOR provides its services only to legal and natural persons with an
affiliation to the Catholic Church defined by Canonical or Vatican Law. As of year-end 2012 these
customers mainly consist of:
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5,200 Catholic institutions: Holy See and related entities, religious orders, and dioceses that
account for more than 85% (EUR 6.0bn of 7.1bn) of assets under management.
13,700 individuals: clerics, employees/or former employees of the Vatican with salary and
pension accounts and diplomats accredited to the Holy See. Assets held for individuals account
for around 15% (EUR 1.1bn of 7.1bn).
Salary and pension accounts are held for 5,000 persons with specific entitlement through employment
at the Vatican.
According to the requirements of Vatican Law and international inter-bank payment systems central to
the IOR’s services, IOR accounts are opened and kept in the official name of the respective customer.
The IOR is currently undergoing an outside review by Promontory Financial Group of all client
relationships and the anti-money-laundering procedures it has in place. In parallel, the Institute is
implementing appropriate improvements to its structures and procedures. This process was initiated in
May 2013 and will be continued in 2014.
Istituto per le Opere di Religione • Cortile Sisto V • 00120 Vatican City • Vatican City State
Regulated by the Autorità di Informazione Finanziaria (AIF)
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CORPORATE GOVERNANCE
The IOR’s governance structure has been defined in the IOR’s revised Statutes of 1990. It consists of:
1. Cardinals’ Commission of five Cardinals appointed by the Holy Father for a period of five years.
The commission currently consists of
 Cardinal Santos Abril y Castilló, Archpriest of the Papal Basilica of St Mary Major, President
 Cardinal Thomas Christopher Collins, Archbishop of Toronto
 Cardinal Pietro Parolin, Titular Archbishop of Acquapendente and Secretary of State
 Cardinal Christoph Schönborn, Archbishop of Vienna
 Cardinal Jean-Louis Tauran, President of the Pontifical Council for Interreligious Dialogue
The Cardinals’ Commission meets at least twice a year to review accounts externally audited under
international accounting standards (IAS) since 1996. It also reviews reports on major business
processes and strategy presented by the President of the Board of Superintendence. It oversees
adherence to statutory norms and appoints the members of the Board of Superintendence.
2. A Prelate appointed by the Cardinals’ Commission with the approval of the Holy Father:
 Msgr. Battista Mario Salvatore Ricca, appointed ad interim
The Prelate acts as secretary of the meetings of the Cardinals’ Commission and attends the
meetings of the Board of Superintendence.
3. Board of Superintendence of five appointed members nominated for five years.
 Ernst von Freyberg, president and executive member of the Board of Superintendence
 Carl A. Anderson, non-executive member
 Antonio Maria Marocco, non-executive member
 Ronaldo Hermann Schmitz, non-executive member
 Manuel Soto Serrano, non-executive member
The Board of Superintendence meets 4 to 6 times a year. It defines strategy and ensures oversight
of operations. The mandate of the members of the Board of Superintendence expires in December
2015.
4. Directorate appointed by the Board of Superintendence and approved by the Cardinals ’
Commission is responsible for operations. The Directorate currently consists of
 Rolando Marranci, General Director
5. Board of Auditors of three members appointed by the Board of Superintendence for a maximum
period of three years:
 Massimo Spina, President of the IOR Board of Auditors
 Rodolfo Molinuevo Orue
 Pierluigi Bernasconi
The Board of Auditors reports to the Board of Superintendence. It is responsible for the internal
audit of the IOR’s books on a quarterly basis. In addition, the Board of Auditors reviews the annual
financial statements.
Istituto per le Opere di Religione • Cortile Sisto V • 00120 Vatican City • Vatican City State
Regulated by the Autorità di Informazione Finanziaria (AIF)
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Pontifical Commission
By Chirograph of 24 June 2013, the Holy Father established a Pontifical Commission for the IOR. In
close cooperation with the IOR and in accordance with the Chirograph of 1 March 1990, this
commission is tasked with gathering information on the Institute's legal position and activities and with
presenting these to the Holy Father. The Pontifical Commission thus aims at the harmonization of the
IOR with the universal mission of the Church and the Apostolic See.
The commission currently consists of:
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Cardinal Raffaele Farina, President
Cardinal Jean-Louis Pierre Tauran, Member
Bishop Juan Ignacio Arrieta Ochoa de Chinchetru, Coordinator
Monsignor Peter Bryan Wells, Secretary
Professor Mary Ann Glendon, Member
Istituto per le Opere di Religione • Cortile Sisto V • 00120 Vatican City • Vatican City State
Regulated by the Autorità di Informazione Finanziaria (AIF)
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TIMELINE: HISTORIC HIGHLIGHTS
11 February 1887
Pope Leo XIII constitutes the “Commissione ad pias causas”
24 November 1904
“Commission of Cardinals for the Works of Religion” with own
regulation
17 March 1941
Foundation of the “Administration of the Works of Religion”;
Pope Pius XII approves the first Statutes of the “Administration of the
Works of Religion”
27 June 1942
Pope Pius XII constitutes by Chirograph the “Istituto per le Opere di
Religione” (IOR) with own legal person status, which absorbs the
“Administration of the Works of Religion” (Acta Ap.Sedis n.217, 1942)
1 March 1990
Pope John Paul II approves by Chirograph the present Statutes of the
IOR
30 December 2010
Creation of the "Autorità di Informazione Finanziaria" (AIF), the
Vatican’s financial regulator;
Introduction of the Act of the Vatican City State No. CXXVII on the
prevention and countering of the laundering of proceeds resulting from
criminal activities and financing of terrorism
25 January 2012
Amendment of anti-money laundering and countering the financing of
terrorism (AML/CFT) Law by Decree No. CLIX
24 April 2012
Presentation of the Law CLXVI to confirm Decree No. CLIX on the
prevention and countering of the laundering of proceeds resulting from
criminal activities and financing of terrorism
14 December 2012
Law amending the Decree No. CLIX of 25 January 2012, converted into
Law No. CLXVI on 24 April 2012
24 June 2013
Establishment of a Pontifical Commission by Chirograph of Pope
Francis
8 August 2013
Motu Proprio of Pope Francis for the prevention and countering of
money laundering, the financing of terrorism and the proliferation of
weapons of mass destruction, pursuant to the steps already taken by
Benedict XVI in this area with the Motu Proprio of 30 December 2010
1 October 2013
Publication of the Institute’s Annual Report for 2012. This is the first
ever Annual Report of the IOR being made available to the public.
9 October 2013
New Law XVIII of Vatican City State on transparency, supervision and
financial information
Istituto per le Opere di Religione • Cortile Sisto V • 00120 Vatican City • Vatican City State
Regulated by the Autorità di Informazione Finanziaria (AIF)
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IOR MEDIA CONTACT
Max Hohenberg, Markus Wieser
T +39 06 698 85 910
[email protected]
IOR CONTACT
IOR - Istituto per le Opere di Religione
Cortile Sisto V
00120 Vatican City
Vatican City State
T +39 06 698 83 354
[email protected]
www.ior.va
Istituto per le Opere di Religione • Cortile Sisto V • 00120 Vatican City • Vatican City State
Regulated by the Autorità di Informazione Finanziaria (AIF)
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