Vatican City's bank has unveiled its first ever annual report in its 125-year history in a bid to become more financially transparent amid claims that it is dogged with potential money laundering concerns.
While the Institute for Religious Works (IOR), the Vatican's bank, said it does not comment "on actual or rumored client relationships," the annual report reveals that the bank has a markedly changed investor demographic.
How Much Cash and Assets Does It Hold?
Assets (Bonds and Money Market Accounts): €4.98bn
Equity Funds: €769m
The report also shows that it has £41.3m:
Gold, coins, and other precious materials
Two inheritance properties worth €2m each
A stake in an Italian property company
How Much Profit Has It Made in 2012?
Net profits quadrupled since 2011 to €86.6bn
It cited the increase in bond holding value and 'favourable trading results'.
What Did It Spend Its Money On?
€54.7m was given to the Pope to carry out the Church's mission around the world.
As of year-end 2012, the IOR had around 18,900 customers, most of which were institutional investors.
5,200 Catholic institutions accounted for more than 85% of assets under management (AuM)
13,700 individuals (clerics, employees or former employees of the Vatican with salary and pension accounts and diplomats accredited to the Holy See) accounted for around 15% of AuM.
It said in the statement that "The IOR does not accept individuals without a relationship to the Holy See as customers, nor does it
accept business customers."
"In many cases our customers are active in the mission or perform charitable works at institutions such as schools, hospitals or refugee camps. Other customers serve, or are part of, the institutional aspect of the Catholic Church, such as dioceses, the Clergy or Vatican City State employees."