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Pope Approves Vatican Bank’s Mission With Greater Transparency

April 7 (Bloomberg) -- Pope Francis reaffirmed his commitment to the Vatican Bank after the deposit-taker took steps last year to improve its transparency and compliance.

The bank, known as the Institute for Religious Works, or IOR, “will continue to serve with prudence and provide specialized financial services to the Catholic Church worldwide,” the Vatican said in a statment. “Strict regulatory supervision and improvements in compliance, transparency and operations initiated in 2012 and substantially accelerated in 2013 are critical for the Institute’s future.”

To contact the reporter on this story: Andrew Frye in Rome at afrye@bloomberg.net

To contact the editors responsible for this story: Alan Crawford at acrawford6@bloomberg.net Kevin Costelloe

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