ETHICS AND MAN MUST BE AT CENTER OF BANKING ACTIVITY

VATICAN CITY, NOV 11, 2000 (VIS) - This morning in the Paul VI Hall, Pope John Paul welcomed 7,500 participants in the Jubilee of the Bank of Rome, and thanked them for their collaboration with the Central Jubilee Committee, and especially for their contribution during World Youth Day in August.

Pointing out that the "scope of a credit institution such as yours is to administer in a prudent manner the resources entrusted to you in order to support the economic activity of families, businesses, institutions and organizations which ask for your mediation," the Pope stated that their work "assumes a relevant social value."

He highlighted "the importance of the banking system and the responsibility of those who administer it. ... A banking institution cannot fail to make reference to the ethical values which direct various aspects of human action. If banks aim solely at pursuing maximum profits for themselves, ... they do not present themselves as instruments of growth and development for the community, but rather as an element which weighs down or puts the brake (on activity)."

The Holy Father stressed that "the Church's doctrine affirms the priority of the human factor in the financial and credit aims of every banking institution."

"Unfortunately," he observed," one cannot hide the fact that even today they are deviant forms of credit. ... I have already on many occasions underlined the difficulties and discomforts in which the victims of speculation linked to illicit forms of credit find themselves. A responsible banking institution .... can certainly do a great deal in such an atmosphere."

In concluding remarks, John Paul II urged them to "continue to offer solid support to all serious initiatives in favor of persons in difficulty, of young people and of volunteer work."

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