VATICAN CITY, FEB. 9, 2012 (Zenit.org).- The Vatican press office today issued a communiqué in response to a television program that ran on Italy’s La7 network, explaining that the program «included unfounded claims and false information about the Institute for the Works of Religion (IOR) and the Vatican Financial Information Authority.»
The Vatican went on to clarify the role of the IOR, which is often referred to in the press as «the Vatican Bank.»
«The affirmation that the IOR is a bank is incorrect,» the communiqué explained. «The IOR is a foundation in both civil and canon law, regulated by its own statutes. It does not hold reserves or grant loans as a bank does. Even less so is it an ‘offshore bank,’ and the aforementioned television program used that term not to illustrate the true nature and function of the IOR but to create an impression of illegality.»
The note continued, «Relations between the IOR and non-Italian banks have always been active and, contrary to the claims made, activity with Italian banks has been reduced only to a limited extent. The IOR, like Italian financial institutions, uses the services of foreign banks (Italian and non-Italian) when they are more efficient or cost less. Moreover, all movements in cash are certified with customs documents. As standard practice, all movements of money are regularly traced and archived.»
