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The Vatican's bank, known as the IOR; its founding is dated 1942 (TIME) or 1887 (Financial Times).
Institute for the Works of Religion. The Vatican’s bank, known as the IOR; its founding is dated 1942 (TIME) or 1887 (Financial Times).
1977
The Institute for the Works of Religion funded Rizzoli Editore. Capital increase of 1977.
A finding of the parliamentary commission on P2 (1984), not of a court. English summary: the 1977 capital increase of Rizzoli Editore, the publisher that owned the Corriere della Sera, was funded with money from the IOR drawn from its accounts at several banks; the report says the new shares stood in the name of Andrea Rizzoli but had already been endorsed over to the IOR, and that Gelli and Ortolani directed the operation.
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.
1989–2009
Angelo Caloia, head of the Institute for the Works of Religion. President.
Sources differ on the start: the Financial Times says 1989, OCCRP says two decades ending in 2009, Crux says 1999.
The Institute for the Works of Religion, headed by Ernst von Freyberg and Paul Marcinkus.
The Institute for the Works of Religion, not the same as the Holy See.
The Institute for the Works of Religion, located in Vatican City.
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