Question of the Day for Monday, July 29, 2013
Q. I’ve seen the Vatican Bank in the news recently. What is its role in Church finances?
A. Here’s a reply from Father Reginald Martin:
The Vatican Bank is an unusual enterprise. It is formally the “Institute for the Works of Religion,” and its assets are not considered property of the Holy See. Rather, the Vatican’s Directory lists the bank as a charitable foundation. It was established by Pope Pius XII in 1942, when it assumed administration of assets set aside for charitable work by Pope Leo XIII in 1887.
Read the rest of the answer at Our Sunday Visitor: http://www.osv.com/TCANav/TCAQuestionoftheDay/July29Aug22013/tabid/8728/Default.aspx