The story of Banco Ambrosiano

Banco Ambrosiano. Milan bank that collapsed in 1982.

1977

Banco Ambrosiano funded Rizzoli Editore. Loan of 22.5 billion lire.

A finding of the parliamentary commission on P2 (1984).

1982

The Institute for the Works of Religion owns a stake in Banco Ambrosiano. 1.589%, as of 1982.

TIME, 1982. Italian financial sources suggested the holding could be as high as 10 per cent; Vatican officials said that was exaggerated.

25 May 1984

The Institute for the Works of Religion settled with Banco Ambrosiano. $244M, payment “in recognition of its moral involvement”; legal responsibility denied.

Reports differ: TIME, from the 161-page agreement, and the Financial Times say $244 million; the Christian Science Monitor, the Associated Press, the Los Angeles Times and an Italian press report on the Vatican’s papers say $250 million. TIME says the Vatican negotiated a clause that the payment was made solely for moral reasons; the Los Angeles Times says the Vatican called it a goodwill settlement and denied any moral or legal blame. The Italian press report (no named publisher or date) says Secretary of State Casaroli decided that the Holy See would pay as moral compensation, endorsed by John Paul II at Castel Gandolfo in August 1983, while Marcinkus and the cardinals’ economic commission pressed to resist, and that the IOR sold its Banco di Roma per la Svizzera holdings and the rest came from the staff pension fund. TIME instead reports a sale of the Vianini stake and borrowing from London banks.

Banco Ambrosiano, involved in Collapse of Banco Ambrosiano.

Banco Ambrosiano, chaired by Roberto Calvi.

Banco Ambrosiano, headquartered in Milan.

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