As many are well aware, many ominous forecasts have been made at various times for September 2022, according to which some kind of “global financial reset” is being prepared. And so, it just so happened that the holy Catholic Church decided to put financial affairs in order just for the Jewish New Year, which comes on September 26, and many clairvoyants are associated with this date. We don’t even know how to interpret this news – the holy fathers know better where to keep the money.
The Pope has reportedly asked citizens and businesses controlled by the papal state to transfer all their assets held outside the Vatican back to its vaults.
These include all valuables they hold in foreign safe deposit boxes or bank accounts, such as gold, silver, stocks, bonds, cash, and all that until October 1 at the latest.
Many associate this move by the Pope with an impending financial – at least – disaster wanting to save all the assets that are outside the Vatican.
Others say it’s a move by the Pope to shore up the Vatican bank, which is seeing a drop in cash deposits ahead of a harsh winter.
More specifically, Pope Francis ordered the Holy See and its affiliated entities to transfer all financial assets to the “Institute for Works of Religion” IOR (Institute for Works of Religion), commonly known as the Vatican bank.
The Pope’s text, issued on August 23, clarifies the interpretation of a paragraph in the new constitution of the Roman Curia, Praedicate Evangelium, published in March.
According to Francis’ directive, financial and liquid assets held in banks other than the IOR must be transferred to the Vatican bank within 30 days of September 1, 2022.
The IOR, based in Vatican City, has 110 employees and 14,519 clients. As of 2021, it had 5.2 billion euros ($5.6 billion) of client assets at its disposal.
Although commonly called a “bank”, the IOR is technically a financial institution, without branches, working in the Vatican City State to provide services to clients, which include the Holy See and affiliated entities, religious orders, clergy, Catholic foundations and Holy See the workers.
The IOR saw its client count fall by 472, from 14,991 clients at the end of 2020 to 14,519 in 2021. Almost half of its clients in 2019 were religious orders.
According to its annual report, the financial institution’s net profit fell by $19 million in 2021 from $44 million in 2020 and $46 million in 2019.
In his August 23 letter, Pope Francis said that article 219, paragraph 3 of the Praedicate Evangelium “must be interpreted to mean that the activity of the asset manager and custodian of the movable heritage of the Holy See and the institutions connected to the Holy Headquarters is the sole responsibility of the Institute of Religious Works”.
The decree will force institutions of the Holy See, including the Secretariat of State, to transfer their financial data to the IOR by the end of September. The Foreign Office is known to have had accounts with Swiss financial institutions, including Credit Suisse, through which the controversial London building investment was originally made.
Article 219, paragraph 3 of the new tenure constitution says:
“The execution of the financial transactions referred to in §§ 1 and 2 is carried out through the Institute for Works of Religion”, the IOR.
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