tag:blogger.com,1999:blog-21240636.post380517184942556547..comments2024-03-21T17:13:34.747-07:00Comments on On the Contrary: A Warning for Pope FrancisMichael Hoffmanhttp://www.blogger.com/profile/09485741729327325322noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-21240636.post-83296060236971346262015-09-26T08:17:23.159-07:002015-09-26T08:17:23.159-07:00"In his speech today to the United Nations Po..."In his speech today to the United Nations Pope Francis decries “usury” while operating the Vatican usury bank that enjoyed record profits last May:"<br /><br />I'm confused about the Vatican Bank, which was started by Pius XII in 1942. They say they do not lend out deposits, but they invest in bonds and hold "cash", and are "effected by rising interest rates" and they "safeguard others' assets and deposits". So do they profit from loans of money or not?<br /><br /><br />http://www.bloomberg.com/news/articles/2013-09-30/vatican-bank-to-publish-2012-annual-report-in-transparency-drive<br /><br />"The bank, formally called the Institute for Works of Religion, or IOR, expects 2013 to be marked by extraordinary expenses “for the ongoing reform and remediation process” and the effects of rising interest rates, according to a statement. The bank earlier this year reported that 2012 profit more than quadrupled to 86.6 million euros ($117 million)."<br /><br />"The bank oversees about 7.1 billion euros in assets, largely in bonds and cash. IOR clients with outposts from Chile to Tanzania manage income, transfers and expenditures out of the bank located in the world’s smallest state, situated in the heart of Rome. The bank doesn’t use deposits for lending and had less than 1 billion euros in equities at the end of last year." <br /><br />http://www.catholicherald.co.uk/news/2013/08/01/vatican-bank-launches-its-own-website/-"Because it does not lend money or issue or underwrite securities or other financial products, the institute does not consider itself to be a bank. The institute concentrates on safeguarding others’ assets and deposits and facilitates international payment transfers for its 13,700 individual account holders and 5,200 Catholic institutions, such as dioceses and religious orders."<br /><br />Jeff Masters- San Franciscohttps://www.blogger.com/profile/09355572443291262528noreply@blogger.com