Vatican Bank

Although it is commonly called by this name, its official name is the Institute for Religious Works.

THE CITIZEN, 4/12/84, reported: "The Vatican Bank, which owned part of Ambrosiano, has come under scrutiny since Ambrosiano, Italy's largest private banking group, collapsed in 1982. Italian officials probing the tangled affairs of the group have said that the Vatican Bank was partially responsible for Ambrosiano debts. The Vatican has denied moral or financial responsibility but has agreed to pay a large sum toward Ambrosiano's debts."

In 1986, Italy issued a warrant for the arrest of Bishop Marcinkus because of alleged illegalities in the Bishop's handling of the Vatican Bank. The warrant was later withdrawn when it was discovered that the Italian government cannot legally try high Vatican officials.

SECULAR JOURNALS

TIME, 11/12/90 reported that Archbishop Paul Marcinkus resigned at age 68 and said he would return home to do pastoral work.

From LONDON DAILY TELEGRAPH, 10/18/93, p. 11. "Vatican linked to big bribe scandal.

"A decade after it became embroiled in the Banco Ambrosiano failure, the Vatican was dragged at the weekend into the centrer of an alleged 105 million dollar bribe scandal involving a private company.

"The affair is under investigation in Milan and the Vatican has agreed to co- operate fully with magistrates.

"The scandal concerns alleged payments of 105 million dollars in bribes to politicians a few years ago to enable its divorce from an ill-fated merger with a state-owned giant in the same industrial sector.

"Reports considered reliable say the bulk of the alleged bribes was believed to have been paid over in state bonds and share certificates, and that about 63 million dollars of these had been deposited with the Institute of Religious Works, the Vatican Bank, and then cashed with Italy's central bank.