Institute for the Works of Religion

There’s a significant turnover of lay staff, but career clerics stay in position

The former directors, who have already been given jail sentences, face paying damages after bank incurred losses of 47 million euros

The bank held assets worth 5.7 billion euros at year’s end, which included deposits and investments from close to 15,000 clients

Pope confirms Vatican is probing claims about Cardinal Bertone’s handling of funds

Pope names Mgr Alfred Xuereb general secretary of the new Secretariat for the Economy

Moneyval also requests Vatican bank inspection

The Institute for the Works of Religion earned €86.6 million in 2012, independently audited reports shows

Bank president Ernst von Freyberg says launch is an ‘important’ step