IOR: FINANCIAL STATEMENTS FOR 2013 RELEASED, "PHASE II" OF REFORM BEGINS

The IOR (Institute for the Works of Religion) has released its financial statements for 2013, announcing the beginning of "Phase II" of the Institute’s reform, namely the integration of the Institute into the new economic-administrative landscape of the Vatican, which will be entrusted to a new board and executive team that will carry out their work under a "new governance structure". "This is a time of major change in the Holy See, not only for the IOR. With the support of the Holy Father and the Council of Cardinals, we are creating simpler structures for those serving the mission of the Catholic Church", said Cardinal-Prefect George Pell, in a press statement released today by the IOR. "After the hard work of the current management team, we are now in the position to ensure continuity of service and to move the IOR to a second phase of reform under new leadership". As it is evident from the financial statements, the costs necessary for the completion of Phase I and costs related to legacy investments by previous management teams are reflected in the results for 2013. (continued) ” “” “

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