Pontifical Cause of Basic Information on Banking
(IOR) was established on 27 June 1942 by Pope Pius XII and traces its origins back to the Council for Philanthropy founded by Pope Leo XIII in 1887. The institute is headquartered in the Nicholas V Tower in Vatican City and is currently chaired by Jean-Baptiste de Franssu and managed by Gian Franco Mammì. IOR is a de jure church foundation, not a private bank, with no shareholders or public plans, and its mission is to provide financial services to the church's religious and philanthropic causes.
Scope of
servicesIOR's clients include the Holy See sovereigns, religious communities, dioceses, clergy, as well as employees and retirees of the Vatican. As of December 31, 2023, IOR had a total of 12,361 customers. The institution only has an office location within Vatican City and no branches. Its services include deposit acceptance, asset management, specific custodian functions, international payment transfers through correspondent banks, and salary and pension accounts for employees of the Holy See and Vatican City State.
Regulation & Compliance
IOR is subject to the Vatican's financial supervision and follows international anti-money laundering and counter-terrorism financing standards. Its financial statements have been prepared in accordance with International Accounting Standards (IAS-IFRS) and have been audited by Mazars Italia S.p.A., an independent auditor. In terms of compliance, IOR was ranked as one of the most compliant financial institutions in the world.
Financial healthIn
2023, IOR achieved a net profit of €30.6 million and total client assets of €5.4 billion. ITS TIER 1 CAPITAL ADEQUACY RATIO (TIER 1) IS 59.78%, WELL ABOVE THE MINIMUM REQUIREMENT FOR THE INTERNATIONAL BANKING INDUSTRY (6%), DEMONSTRATING EXTREMELY HIGH CAPITAL SOUNDNESS. In addition, the cost-to-income ratio was 48%, indicating good operational efficiency.
Thedeposit and loan product
IOR mainly provides demand and time deposit services, and the specific interest rate information is not disclosed. In terms of lending, IOR's credit activities are very limited, only within the limits set by the ASIF mandate and the Board, and does not participate in financing activities in the interbank market and does not issue or underwrite bonds.
List of common feesFor
specific fee information such as account management fees, transfer fees, overdraft fees, etc., the IOR does not detail in the public information. Since its customer base is mainly ecclesiastical institutions and clergy, the fee structure may differ from that of traditional commercial banks.
Digital Service Experience
IOR is committed to digital transformation, introducing new IT platforms and expanding investment management services in recent years. However, its digital services are primarily aimed at specific customer groups and do not provide apps on public platforms such as the App Store or Google Play, so information such as user ratings is not available.
Quality of Customer ServiceOR's
customer service is provided primarily through its Vatican office locations, Monday to Friday, from 8:00 to 16:30. Regarding information such as 24/7 phone support, live chat, social media response speed, etc., IOR does not provide detailed instructions in the public profile.
Security
measuresIOR attaches great importance to the security of funds and data, and its client accounts comply with the Vatican's legal requirements on anti-money laundering and counter-terrorism financing. In addition, IOR continuously invests in IT infrastructure to improve security and quality of service.
Featured Services and Differentiated
IORs are mainly for ecclesiastical institutions and clergy, providing investment products that are in line with Catholic ethics. Its asset management services emphasize "Faith Consistent Investment" to ensure that investment activities are consistent with the principles of the Catholic faith.
Market Position & AccoladesAlthough
IOR's assets are relatively small among global banks, it is uniquely positioned in the field of ecclesiastical financial services. Its high capital adequacy ratio and strict compliance standards have earned it high praise among international financial regulators.
Overall, the Pontifical Foundation for Causes (IOR), as the financial institution of the Vatican, is one of the most robust and ethically binding financial institutions in the world, thanks to its sound financial position, strict compliance standards and loyalty to the mission of the Church.
