“The wise and prudent choices made by management continue to pay off,” he commented.
The IOR, based in Vatican City State, has 110 employees and 14,519 clients. It looks after 5.2 billion euros ($5.6 billion) of client assets.
According to the report, “the IOR strives to serve the global mission of the Catholic Church through the administration of the entrusted assets and by providing payment services to the Holy See and to Vatican City State, related entities, religious orders, other Catholic institutions, clergy, employees of the Holy See and the accredited diplomatic bodies.”
The report also noted that the IOR is a civil party in a historic Vatican trial to prosecute 10 people for financial crimes, some of which are related to the Secretariat of State’s purchase of a 350 million euro (about $375 million) London investment property.
The IOR is seeking damages together with the Secretariat of State, the Administration of the Patrimony of the Apostolic See (APSA), the Financial Information and Supervision Authority (ASIF), and former Secretariat of State official Monsignor Alberto Perlasca.
In January 2021, the Vatican court ruled in a separate trial against the IOR’s former president and other executives who had used their positions to embezzle from the Vatican.