Nicole Lappin

The IOR had more than $8 billion in assets spread across 33,000 accounts. But the big shock wasn't the size. It was the secrecy. The bank had been involved in scandals stretching back decades, including money laundering and shady dealings with everyone from fascists to financiers.

The IOR had more than $8 billion in assets spread across 33,000 accounts. But the big shock wasn't the size. It was the secrecy. The bank had been involved in scandals stretching back decades, including money laundering and shady dealings with everyone from fascists to financiers.

The bank's reputation was so toxic that when Francis became pope in 2013, he even floated the idea of shutting it down entirely. When Francis became pope, the finances of Vatican City were essentially handled by five different departments, which made things very messy. It looked like this. Institution one, the Secretariat of State, which had informal financial oversight.

The bank's reputation was so toxic that when Francis became pope in 2013, he even floated the idea of shutting it down entirely. When Francis became pope, the finances of Vatican City were essentially handled by five different departments, which made things very messy. It looked like this. Institution one, the Secretariat of State, which had informal financial oversight.

The bank's reputation was so toxic that when Francis became pope in 2013, he even floated the idea of shutting it down entirely. When Francis became pope, the finances of Vatican City were essentially handled by five different departments, which made things very messy. It looked like this. Institution one, the Secretariat of State, which had informal financial oversight.

Then number two, the Administration of the Patrimony of the Apostolic See or APSA, essentially the Vatican Central Bank that also managed real estate. So think 5000. thousand historic and luxury properties in Europe.

Then number two, the Administration of the Patrimony of the Apostolic See or APSA, essentially the Vatican Central Bank that also managed real estate. So think 5000. thousand historic and luxury properties in Europe.

Then number two, the Administration of the Patrimony of the Apostolic See or APSA, essentially the Vatican Central Bank that also managed real estate. So think 5000. thousand historic and luxury properties in Europe.

Interestingly, the Vatican is one of the largest landowners in the world, with real estate, including commercial buildings, residential properties and luxury properties spread across Europe, especially in Italy, France, the UK and Switzerland. Institution number three, the prefecture tracked budgets. And then there's the Vatican City State itself.

Interestingly, the Vatican is one of the largest landowners in the world, with real estate, including commercial buildings, residential properties and luxury properties spread across Europe, especially in Italy, France, the UK and Switzerland. Institution number three, the prefecture tracked budgets. And then there's the Vatican City State itself.

Interestingly, the Vatican is one of the largest landowners in the world, with real estate, including commercial buildings, residential properties and luxury properties spread across Europe, especially in Italy, France, the UK and Switzerland. Institution number three, the prefecture tracked budgets. And then there's the Vatican City State itself.

Institution number four, which brought in tourist cash and sold trinkets like the coins and the stamps. And number five, the IOR, operating entirely independently from the rest. But none of them worked together, and none of them really seemed to want to. This system was opaque, it was inefficient, and it was vulnerable to abuse.

Institution number four, which brought in tourist cash and sold trinkets like the coins and the stamps. And number five, the IOR, operating entirely independently from the rest. But none of them worked together, and none of them really seemed to want to. This system was opaque, it was inefficient, and it was vulnerable to abuse.

Institution number four, which brought in tourist cash and sold trinkets like the coins and the stamps. And number five, the IOR, operating entirely independently from the rest. But none of them worked together, and none of them really seemed to want to. This system was opaque, it was inefficient, and it was vulnerable to abuse.

Case in point, by the time Francis took office, several American dioceses had declared bankruptcy under the financial weight of sexual abuse scandals. In other words, the church needed a serious financial come-to-Jesus moment. Sorry, that's the only pun I'll do, I swear. So what did Francis do? Well, he created a brand new office, the Secretariat for the Economy.

Case in point, by the time Francis took office, several American dioceses had declared bankruptcy under the financial weight of sexual abuse scandals. In other words, the church needed a serious financial come-to-Jesus moment. Sorry, that's the only pun I'll do, I swear. So what did Francis do? Well, he created a brand new office, the Secretariat for the Economy.

Case in point, by the time Francis took office, several American dioceses had declared bankruptcy under the financial weight of sexual abuse scandals. In other words, the church needed a serious financial come-to-Jesus moment. Sorry, that's the only pun I'll do, I swear. So what did Francis do? Well, he created a brand new office, the Secretariat for the Economy.

Think of it like the Vatican's new CFO. He appointed Australian Cardinal George Powell to run it, giving him sweeping powers and reporting directly to the Pope himself. Cardinal Powell brought in PwC. It's a huge accounting firm and the first for the Vatican to do an independent audit.

Think of it like the Vatican's new CFO. He appointed Australian Cardinal George Powell to run it, giving him sweeping powers and reporting directly to the Pope himself. Cardinal Powell brought in PwC. It's a huge accounting firm and the first for the Vatican to do an independent audit.

Think of it like the Vatican's new CFO. He appointed Australian Cardinal George Powell to run it, giving him sweeping powers and reporting directly to the Pope himself. Cardinal Powell brought in PwC. It's a huge accounting firm and the first for the Vatican to do an independent audit.