The Vatican Bank is also referred to as institute for works of religion. This bank is owned by a private company. The location of the bank is in the Vatican City. The operation of the bank is supervised by a professional chief executive officer. The CEO of this bank is required to make daily reports to a committee that is made of cardinals. The cardinals oversee the running of the bank and in turn are supposed to report the bank’s progress to the pope. There is a supervisory council which directs the IOR. In 2009, this supervisory council consisted of president or the CEO known as Ettore Gotti, the vice president was Hermann Schmitz; other people in the council included Manuel Soto Serrano, Carl Anderson and Giovanni Censi.
The bank’s assets are not considered to be property of the Holy See. The bank is listed to be among the assets of Annuario Pontificio. This is a not only successful bank but also profitable. In the 1980s, this Vatican Bank had been involved in a financial and political scandal. This scandal involved the collapse of a major shareholder known as Banco Ambrosiano. During this collapse, the bank lost 3.5 billion dollars. In 1982, there was an archbishop known as Paul Marcinkus who was indicted in Italy as he was associated with the collapse of the major share holder. This archbishop was the head of the IOR during year 1971 to the year 1989.
Though the archbishop was indicted in Italy, he was never tried as he was claimed to be possessing immunity as he was a diplomat. He retired from being the head of the bank and he died in year 2006. Banco Ambrosiano, the share holder was facing accusation of spending the money for the Sicilian mafia. As a result of the scandal, Banco’s chairman Roberto Calvi was murdered.