The Institute for Religious Works, or ‘Vatican bank’. (File Photo/CNA).
Rome Newsroom, Aug 23, 2022 / 05:51 am (CNA).
Pope Francis has ordered that the Holy See and connected entities move all financial assets to the Institute for Works of Religion (IOR), commonly known as the Vatican bank.
The pope’s rescript, issued Aug. 23, clarifies the interpretation of a paragraph in the new constitution of the Roman Curia, Praedicate Evangelium, promulgated in March.
According to Francis’ rescript, financial and liquid assets held in banks other than the IOR must be moved to the Vatican bank within 30 days of Sept. 1, 2022.
The IOR, based in Vatican City State, has 110 employees and 14,519 clients. As of 2021, it looked after 5.2 billion euros ($5.6 billion) of client assets.
Though commonly called a “bank,” the IOR is technically a financial institute, with no branches, working within Vatican City State to provide services to clients, which include the Holy See and connected entities, religious orders, clergy, Catholic institutions, and Holy See employees.
The IOR saw its number of clients decline by 472, from 14,991 clients at the end of 2020 to 14,519 in 2021. Nearly half of its clients in 2019 were religious orders.
According to its annual report, the financial institution’s $19 million net profit in 2021 was also down from $44 million in 2020 and $46 million in 2019.
In his Aug. 23 rescript, Pope Francis said article 219, paragraph 3 of Praedicate Evangelium “must be interpreted to mean that the activity of asset manager and custodian of the movable patrimony of the Holy See and of the Institutions connected with the Holy See is the exclusive responsibility of the Institute for Works of Religion.”
The decree will force Holy See institutions, including the Secretariat of State, to move their financial assets to the IOR by the end of September. The Secretariat of State is known to have had accounts in Swiss financial institutions, including Credit Suisse, through which the controversial London building investment was initially carried out.
Article 219, paragraph 3 of the new curial constitution says: “The execution of the financial transactions referred to in §§ 1 and 2 is carried out through the Institute for the Works of Religion,” the IOR.
The financial transactions described in paragraphs 1 and 2 of article 219 are the administration and management of the Holy See’s real estate and movable assets and entities entrusting their assets to the Holy See.
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Pope Francis with Cardinal Arthur Roche, Prefect of the Vatican’s Dicastery of Divine Worship and Discipline of Sacraments, at the consistory in St. Peter’s Basilica, Aug. 27, 2022 / Daniel Ibáñez / CNA
Rome Newsroom, Aug 27, 2022 / 08:31 am (CNA).
Pope Francis created 20 new cardinals for the Catholic Church during a liturgy in St. Peter’s Basilica Saturday.
“Jesus calls us by name; he looks us in the eye and he asks: Can I count on you?” Pope Francis said in a homily addressed to the College of Cardinals and its new members on Aug. 27.
“The Lord,” he said, “wants to bestow on us his own apostolic courage, his zeal for the salvation of every human being, without exception. He wants to share with us his magnanimity, his boundless and unconditional love, for his heart is afire with the mercy of the Father.”
The pope’s reflection followed a reading from the Gospel of Luke, chapter 12, verses 49-50: “In that time, Jesus said to his disciples: ‘I have come to set the earth on fire, and how I wish it were already blazing! There is a baptism with which I must be baptized, and how great is my anguish until it is accomplished!’”
“The words of Jesus, in the very middle of the Gospel of Luke, pierce us like an arrow,” Francis said.
“The Lord calls us once more to follow him along the path of his mission,” he said. “A fiery mission – like that of Elijah – not only for what he came to accomplish but also for how he accomplished it. And to us who in the Church have been chosen from among the people for a ministry of particular service, it is as if Jesus is handing us a lighted torch and telling us: ‘Take this; as the Father has sent me so I now send you.’”
The pope ended his homily mentioning that one cardinal-elect, Richard Kuuia Baawobr of Wa (Ghana), was not present. Francis asked for prayers for the African prelate, explaining Baawobr had been taken ill.
At the beginning of the consistory, Pope Francis pronounced the opening prayer of the ceremony in Latin.
During the ceremony, the new cardinals made a profession of faith by reciting the Creed. They then pronounced an oath of fidelity and obedience to the pope and his successors.
Each cardinal then approached Pope Francis, kneeling before him to receive the red birretta, the cardinal’s ring, and a document naming the titular church he has been assigned.
Pope Francis embraced each new cardinal, saying to him: “Pax Domini sit semper tecum,” which is Latin for “the peace of the Lord be with you always.” Each cardinal responded: “Amen.”
The new cardinals also exchanged a sign of peace with a number of the members of the College of Cardinals, representative of the whole college.
While placing the red biretta on the head of each cardinal, the pope recited these words: “To the glory of almighty God and the honor of the Apostolic See, receive the scarlet biretta as a sign of the dignity of the cardinalate, signifying your readiness to act with courage, even to the shedding of your blood, for the increase of the Christian faith, for the peace and tranquility of the people of God and for the freedom and growth of the Holy Roman Church.”
As he gave each new cardinal the ring, Francis said: “Receive this ring from the hand of Peter and know that, with the love of the Prince of the Apostles, your love for the Church is strengthened.”
In his homily, the pope said: “The Lord wants to bestow on us his own apostolic courage, his zeal for the salvation of every human being, without exception. He wants to share with us his magnanimity, his boundless and unconditional love, for his heart is afire with the mercy of the Father.”
He also recalled another kind of fire, that of charcoal. “This fire,” he said, “burns in a particular way in the prayer of adoration, when we silently stand before the Eucharist and bask in the humble, discreet and hidden presence of the Lord. Like that charcoal fire, his presence becomes warmth and nourishment for our daily life.”
“A Cardinal loves the Church, always with that same spiritual fire, whether dealing with great questions or handling everyday problems, with the powerful of this world or those ordinary people who are great in God’s eyes,” he said.
The pope named three men as examples for the cardinals to follow: Saint Charles de Foucauld, Cardinal Agostino Casaroli, and Cardinal Van Thuân.
The consistory to create cardinals also included a greeting and thank you to Pope Francis, expressed by Cardinal Arthur Roche, prefect of the liturgy dicastery, on behalf of all the new cardinals.
Cardinal Arthur Roche speaking on behalf of the new cardinals in St. Peter’s Basilica, Aug. 27. 2022. Daniel Ibáñez / CNA
“All of us, coming from different parts of the world, with our personal stories and different life situations, carry out our ministry in the vineyard of the Lord. As diocesan and religious priests, we are at the service of preaching the Gospel in many different ways and in different cultures, but always united in the one faith and the one Church,” Roche said.
“Now, in manifesting your trust in us, you call us to this new service, in an even closer collaboration with your ministry, within the broad horizon of the universal Church,” he continued. “God knows the dust of which we are all made, and we know well that without Him we are capable of falling short.”
Roche quoted Saint Gregory the Great, who once wrote to a bishop: “We are all weak, but he is weakest of all who ignores his own weakness.”
“However, we draw strength from you, Holy Father,” he said, “from your witness, your spirit of service and your call to the entire Church to follow the Lord with greater fidelity; living the joy of the Gospel with discernment, courage and, above all, with an openness of heart that manifests itself in welcoming everyone, especially those who suffer the injustice of poverty that marginalizes, the suffering of pain that seeks a response of meaning, the violence of wars that turn brothers into enemies. We share with you the desire and commitment for communion in the Church.”
At the end of the consistory to create cardinals, Pope Francis convened a consistory for the cardinals to give their approval to the canonizations of Blessed Artemide Zatti and Giovanni Battista Scalabrini.
The new cardinals are:
— Cardinal Arthur Roche, 72, prefect of the Congregation for Divine Worship and former Bishop of Leeds (England);
— Lazarus You Heung-sik, 70, prefect of the Congregation for Clergy and former Bishop of Daejeon (South Korea);
— Jean-Marc Noël Aveline, 63, Archbishop of Marseille, the first French diocesan bishop to get the honor during Pope Francis’ pontificate;
— Peter Ebere Okpaleke, 59, Bishop of Ekwulobia in the central region of Nigeria, who was created bishop in 2012 by Benedict XVI;
— Leonardo Ulrich Steiner, 77, Archbishop of Manaus, in Brazil’s Amazon region, a Franciscan who played a leading role during the Amazon Synod and as Vice President of the recently created Amazonian Bishops’ Conference;
— Filipe Neri António Sebastião do Rosário Ferrão, 69, Archbishop of Goa (India), appointed bishop by St. John Paul II in 1993;
— Robert McElroy, 68, Bishop of San Diego (United States), whose diocese is suffragan to the Archdiocese of Los Angeles, led by the President of the USCCB, Archbishop José Gomez;
— Virgilio do Carmo Da Silva, 68, a Salesian, since 2019 the Archbishop of Dili (East Timor);
— Oscar Cantoni, 71, Bishop of Como (Italy), appointed in January 2005 by St. John Paul II, who is suffragan to Milan;
— Archbishop Fernando Vérgez Alzaga, L.C., 77, president of the Governorate of the Vatican City State and of the Pontifical Commission for the Vatican City State; the Spaniard is the first Legionary of Christ to become a cardinal;
— Anthony Poola, 60, Archbishop of Hyderabad (India), a bishop since 2008 and the first dalit to become a cardinal;
–Paulo Cezar Costa, 54, Archbishop of Brasilia (Brazil), the fourth archbishop of the Brazilian capital to become a cardinal;
— Richard Kuuia Baawobr, 62, Bishop of Wa (Ghana), former Superior General of the White Fathers, and bishop since 2016;
— William Goh Seng Chye, 65, Archbishop of Singapore since 2013;
— Adalberto Martinez Flores, 71, Archbishop of Asunción (Paraguay) and the first Paraguayan cardinal;
— Giorgio Marengo, 47, Italian Missionary of the Consolata and Apostolic Prefect of Ulan Bator in Mongolia, the youngest cardinal in recent history, along with Karol Wojtyla, who also was created a cardinal at 47, during the consistory of June 26, 1967.
Furthermore, Pope Francis appointed the following prelates over the age of 80, who are therefore excluded from attending a future conclave.
Jorge Enrique Jiménez Carvajal, 80, Archbishop Emeritus of Cartagena (Colombia); Arrigo Miglio, 80, Archbishop Emeritus of Cagliari (Italy); Fr. Gianfranco Ghirlanda, a Jesuit and former rector of the Pontifical Gregorian University, who extensively collaborated in the drafting of the Apostolic Constitution Praedicate Evangelium; and Fortunato Frezza, 80, (Italy) currently a Canon at the Basilica of St. Peter, who collaborated for several years at the Secretariat General for the Synod of the Bishops.
Pope Francis had originally also nominated Ghent Bishop Luc Van Looy, 80, who later declined to accept the post because of criticism of his response to clergy abuse cases.
Pope Francis blesses a newly married couple during his general audience on Wednesday, Jan. 17, 2024, in the Paul VI Audience Hall at the Vatican. / Credit: Vatican Media
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Bishop Mario E. Dorsonville in 2015. / CNA file photo
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12 Comments
A medieval battlement with cannons the Vatican Bank draws all incomes [connected entities] into its protective bowels per command of the Vatican’s supreme Commandant. What would Larry Chapp say?
With little knowledge of the financial goings on of the Vatican, the recent absolution, blessing, elevation of scandal ridden Cardinal Angelo Becciu it’s likely Chapp would have a say about it. What, I could only guess. Although listening and watching with interest last night to Marcus Grodi’s Journey Home interview of Chapp the opinion would still be just that. Larry Chapp has a very impressive, complex background calling himself as a youth a bookish upstart, who left Catholicism, turned to science for facts and truth demanding verifiable answers, eventually convinced by Evangelism there was some truth to scripture. The rest well known his return to Catholicism, years of professorship, finally finding a more vivacious, satisfying expression of Catholicism in the thought and life of Dorothy Day and the Catholic Workers movement. Outrageous to many conservatives [he calls Trads] later vindicated. Since the presumption that Day was a Marxist type, as Chapp articulated she has been vindicated by her being declared a servant of God.
Personally, Larry Chapp’s views of the Church and Catholicism became clearer and quite edifying through his contribution of essays to CWR.
Exactly my question! CATHOLIC WORLDVREPORT: Your article is unfinished without an explanation for WHY the Pope is doing this. Will be watching and looking for answers here and elsewhere
It’s simply greed… most assets are donations to the poor, sick and to assist the peoples parishes… maybe they should give more than 1.5% of charitable collections to who the people intend it for.. I won’t be putting any more money into the church.. it’s no longer doing Gods work!!
Exactly.
Civil war in the USA will coincide with the rigging of the mid term elections.
European Countries will erupt in civil disobedience due to limited gas supply and exploding costs sends business to the wall.
And we have the inflationary issue, resulting in raising interest rates, which then collapses the property bubble, sending mortgagees and possibly banks broke.
It’s all happening now, and the Vatican is smart to demand repatriation of all financial assets to convert into hard assets like Gold, and store it in their depositary.
Given the impending collapse of the American, and other national, economies, I understand why Francis has chosen to recall all liquid assets to Rome. The world is on the verge of a global take-over of all wealth for redistribution, and the current war on Christianity means a repeat of the 20th Century persecution of religious institutions. Confiscation, nationalization are both terms the Holy See is familiar with.
What role does a general play in the Weaponization of the US Feds. (FBI, USDOJ, etc) against American Nationalists ? In Marxist Iowa, the facts & evidence demonstrate they co-opted State officials into this GASLIGHTING op: http://www.youtube.com/user/kornkobiowa
A medieval battlement with cannons the Vatican Bank draws all incomes [connected entities] into its protective bowels per command of the Vatican’s supreme Commandant. What would Larry Chapp say?
With little knowledge of the financial goings on of the Vatican, the recent absolution, blessing, elevation of scandal ridden Cardinal Angelo Becciu it’s likely Chapp would have a say about it. What, I could only guess. Although listening and watching with interest last night to Marcus Grodi’s Journey Home interview of Chapp the opinion would still be just that. Larry Chapp has a very impressive, complex background calling himself as a youth a bookish upstart, who left Catholicism, turned to science for facts and truth demanding verifiable answers, eventually convinced by Evangelism there was some truth to scripture. The rest well known his return to Catholicism, years of professorship, finally finding a more vivacious, satisfying expression of Catholicism in the thought and life of Dorothy Day and the Catholic Workers movement. Outrageous to many conservatives [he calls Trads] later vindicated. Since the presumption that Day was a Marxist type, as Chapp articulated she has been vindicated by her being declared a servant of God.
Personally, Larry Chapp’s views of the Church and Catholicism became clearer and quite edifying through his contribution of essays to CWR.
Papa’s big shopping excursion?
Hello! What is the reason or reasons, that the Pope wants financial assets brought to the Vatican by the end of September?
Exactly my question! CATHOLIC WORLDVREPORT: Your article is unfinished without an explanation for WHY the Pope is doing this. Will be watching and looking for answers here and elsewhere
I read the article and it said the dictate came about in March though this is not a new dictate.
It’s simply greed… most assets are donations to the poor, sick and to assist the peoples parishes… maybe they should give more than 1.5% of charitable collections to who the people intend it for.. I won’t be putting any more money into the church.. it’s no longer doing Gods work!!
Because they know of the doom from the economic collapse that’s about to unfold. Here it comes, brace yourself. By food now while you can.
Exactly.
Civil war in the USA will coincide with the rigging of the mid term elections.
European Countries will erupt in civil disobedience due to limited gas supply and exploding costs sends business to the wall.
And we have the inflationary issue, resulting in raising interest rates, which then collapses the property bubble, sending mortgagees and possibly banks broke.
It’s all happening now, and the Vatican is smart to demand repatriation of all financial assets to convert into hard assets like Gold, and store it in their depositary.
The world is on tilt.
Cashless system on the way and all money back to vatican asap .
That’s exactly in line with Joe Biden’s Executive Order 14067.
Given the impending collapse of the American, and other national, economies, I understand why Francis has chosen to recall all liquid assets to Rome. The world is on the verge of a global take-over of all wealth for redistribution, and the current war on Christianity means a repeat of the 20th Century persecution of religious institutions. Confiscation, nationalization are both terms the Holy See is familiar with.
What role does a general play in the Weaponization of the US Feds. (FBI, USDOJ, etc) against American Nationalists ? In Marxist Iowa, the facts & evidence demonstrate they co-opted State officials into this GASLIGHTING op: http://www.youtube.com/user/kornkobiowa