National Catholic Reporter

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Institute for the Works of Religion

Vatican bank posts large profit, continues review of account holders

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The Institute for the Works of Religion, commonly known as the Vatican bank, showed a large jump in profits in 2014 as it continued to winnow its accounts.

The institute reported a net profit of 69.3 million euros ($75.5 million) in 2014 compared to a 2013 net profit of 2.9 million euros.

The bulk of the profit, 55 million euros, was given to the Holy See for its operating costs.

Vatican bank issues detailed report, including where it stores its gold

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One week after publishing highlights of its 2013 financial statement, the Institute for the Works of Religion -- commonly called the Vatican bank -- released a 107-page, detailed financial report for the year.

The first statement, released July 8, said the institute's net profit for 2013 was only 2.9 million euros ($3.9 million) compared to 2012 net profits of 86.6 million euros ($117.7 million).

Vatican financial watchdog signs accord with U.S. Treasury Department

In its latest bid to tackle corruption and increase transparency, the Vatican's financial watchdog has signed a bilateral accord to exchange information with its counterpart in the U.S.

On Monday, officials with the Financial Information Authority announced it endorsed the agreement with the Office of the Comptroller of the Currency, an independent body in the U.S. Treasury Department responsible for regulating and supervising domestic and foreign banks.

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