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.
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