M
MarcoPolo
Guest
I thought this exchange on the Kresta in the Afternoon radio show was worth posting here for those curious about what the so-called “Vatican Bank” is that you read about in the media periodically. The interview is from Aug. 21, 2012.*Al Kresta: What is the Vatican Bank?
John Allen: Well, it’s something of a misnomer to begin with. I mean, formally, this outfit is called the Institute for the Works of Religion, or the IOR in the Italian acronym. Italians call it “IOR,” but in any event–– It is an organization that is setup to manage the assets of, not principally of the Vatican itself, but of diocese and religious orders around the world to invest those assets in low-risk investments, and also to transfer them. Most insiders there will tell you they get very annoyed when you call it the “Vatican Bank” because, at a threshold level, a bank is an institution that takes deposits and makes loans. The Institute for the Work of Religion is barred by statue [from doing that].*Here’s the whole interview here in MP3 - and jump ahead to the 22:22 mark.
I realize John Allen writes for the sometimes borderline-heretical National Catholic Reporter, but this interview seemed sound, and Kresta is quite orthodox.
John Allen: Well, it’s something of a misnomer to begin with. I mean, formally, this outfit is called the Institute for the Works of Religion, or the IOR in the Italian acronym. Italians call it “IOR,” but in any event–– It is an organization that is setup to manage the assets of, not principally of the Vatican itself, but of diocese and religious orders around the world to invest those assets in low-risk investments, and also to transfer them. Most insiders there will tell you they get very annoyed when you call it the “Vatican Bank” because, at a threshold level, a bank is an institution that takes deposits and makes loans. The Institute for the Work of Religion is barred by statue [from doing that].*Here’s the whole interview here in MP3 - and jump ahead to the 22:22 mark.
I realize John Allen writes for the sometimes borderline-heretical National Catholic Reporter, but this interview seemed sound, and Kresta is quite orthodox.
:thumbsup: