Vatican Bank

The Vatican Bank is a common name given to the Istituto per le Opere di Religione (IOR) or Institute for Religious Works, the central bank for the Roman Catholic Church located in Vatican City.

Related Topics:
Central bank - Roman Catholic Church - Vatican City

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

The head of the Vatican Bank from 1971 to 1989, Paul Marcinkus lives in retirement in Sun City, Arizona. Marcinkus was indicted in Italy in 1982 as an accessory in the $3.5 billion collapse of Banco Ambrosiano, an Italian financial institution with close ties to the Vatican Bank, but never came to trial in Italy, where courts ruled that as a Vatican employee he was immune from prosecution. The Vatican Bank refused to admit legal responsibility for the Ambrosiano's downfall but did acknowledge "moral involvement", and paid $241m (£169m) to creditors.

Related Topics:
1971 - 1989 - Paul Marcinkus - Sun City, Arizona - Italy - 1982 - Banco Ambrosiano

~ ~ ~ ~ ~ ~ ~ ~ ~ ~