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Tuesday, July 8, 2014

THE IOR ANNOUNCES ITS SECOND PHASE OF REFORMS


Vatican City, 8 July 2014 (VIS) – The Institute for the Works of Religion (Istituto per le Opere di Religione – IOR) today released its 2013 financial statements and gave a detailed update on the results of Phase I of the Institute's reform. The second phase, namely the integration of the IOR into the new economic-administrative landscape of the Vatican, will be entrusted to a new board and executive team, operating under a new governance structure. The costs necessary for the completion of Phase I, and costs related to legacy investments, are reflected in the results for 2013.

“As set out in May 2013, we have focused on making the IOR compliant with financial regulation, safer and more transparent, so as to create options for the Holy Father to decide on the future of the Institute. Through this work we have lad the ground for a new team to make the IOR a truly outstanding service provider in Catholic finance”, said Ernst von Freyburg, president of the Board of Superintendence. “Notwithstanding this housekeeping effort, the IOR has delivered a creditable performance for its customers, first and foremost the Holy See itself. In the first half of 2014, we delivered a very positive performance that validates the efforts of all those working at the IOR”, he added.

The full balance for 2013 can be consulted, in English and Italian, on the IOR's website, as follows:

http://www.ior.va/Portals/0/Content/Media/PressReleases/Press%20Release_IOR_8_July-ENG.pdf

http://www.ior.va/Portals/0/Content/Media/PressReleases/Press%20Release_IOR_8_July-ITA.pdf


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