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In 2012, the IOR commemorated 125 years of history since the creation of its predecessor, the “Commissione ad Pias Causas”, by Pope Leon XIII in 1887. It is an honour to publish, for the first time,
the Annual Report of the IOR.
The Financial Statements of the IOR for the year ended 31 December 2010 and 2011 have been prepa- red under IFRS and have been audited by Deloitte & Touche S.p.A. as instructed by the Board of Superintendence. The Financial Statements of the IOR for the year ended 31 December 2012 have been prepared according to IFRS and audited by KPMG AG as instructed by the Board of Superintendence.
This Annual Report explains our mission, our activities, our corporate governance and our ongoing reform program. We also touch on the most important developments at the IOR in 2013, from January to August this year.
The Annual Report seeks to contribute to the transparency which the Catholic Church, our customers, our correspondent banks, our authorities and the public rightfully expect.
The IOR forms part of the Holy See. We serve the global mission of the Catholic Church by safeguar- ding part of the patrimony of the Holy See, religious orders, and other organisations, large and small, within the global family of the Catholic Church.
First and foremost, we are tasked with protecting the assets our clients entrust to us. We manage this patrimony predominantly by acquiring and holding fixed-income securities or placing funds in money market accounts. In addition, we provide our customers with payment services. However, we do not serve business customers, and we do not provide loans out of our deposit base, and barely offer loans at all. We also do not engage in financial transactions such as hedges or swaps with our clients.
2012 was a successful year for the IOR and for our clients.
The IOR posted earnings of EUR 86.6 m, which allowed us to contribute EUR 54.7 m towards the budget of the Holy See, while transferring EUR 31.9 m to our general operating risk reserves.
And we are conservative: in 2012 we had a balance sheet total of EUR 5 bn in assets, with equity of EUR 769 m. On an operating level, we stand on very solid foundations.