For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails
The Vatican's secretive bank has reported a huge decline in profits and blocked thousands of accounts following an annus horribilis for the institution, marred by allegations of corruption and money laundering.
The bank, formally called Institute for Religious Works (IOR), said its net profit in 2013 fell to 2.9 million euros (£2.3m) from 86.6 million euros (£68.8) in 2012.
The decline in profits was mostly due to a 14.4 million euros loss attributed to what it described as a ''donation" of securities to a Holy See foundation, a series of write-downs and the fluctuation in the value of the bank's gold reserves.
"This is a time of major change in the Holy See, not only for the IOR," said Cardinal-Prefect George Pell. "With the support of the Holy Father and the Council of Cardinals, we are creating simpler, more efficient structures for those serving the mission of the Catholic Church."
Show all 40 1 /40Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 3 March 2014 Pope Francis leads his Sunday Angelus prayer in Saint Peter's square at the Vatican
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 9 March 2013 Days before becoming Pope. Cardinal Jorge Mario Bergoglio arrives for a pre-conclave meeting on March 9, 2013 at the Vatican. The conclave of 115 'cardinal electors' began a few days after this picture was taken, on March 12, gathering to choose the 266th pope
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 13 March 2013 The sign that the decision has been made. White smoke is seen from the roof of the Sistine Chapel indicating that the College of Cardinals have elected a new Pope
Getty Images
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 13 March 2013 Facing the crowds for the first time. All eyes are on the newly elected Pope Francis I as he looks out at the thousands of people in St. Peter's Square
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 14 March 2013 Pope Francis leading Mass at the Sistine Chapel, a day after his election
AFP/Getty Images
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 17 March 2013 One young pilgrim with a picture of Pope Francis
Getty Images
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 19 March 2013 Pope Francis walks to the altar during his inauguration mass at St Peter's square
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 19 March 2013 In the Popemobile on St Peter's square. The Pope arrives for his grandiose inauguration mass on March 19, 2013
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 19 March 2013 The much loved smile. Pope Francis waves to the crowd from the papamobile during his inauguration mass at St Peter's square on March 19, 2013 at the Vatican
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures March 2013 Pope Francis washes the feet of a prisoner at the Casal Del Marmo Youth Detention Centre
Getty Images/2013 L'Osservatore Romano
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 18 April 2013 Miguel Delgado Galindo presents a jersey of Argentine soccer star Lionel Messi to Pope Francis, at the Vatican
AP
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 22 May 2013 Pope Francis in St Peter's Square
Getty Images
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures June 2013 Pope Francis at the Vatican in June 2013
AFP/Getty Images
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 14 June 2013 Pope Francis welcomes the Archbishop of Canterbury
Reuters
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 8 July 2013 The first time they let him out of Rome. Pope Francis waves excitedly to the crowds in Lampedusa during his first official trip out of Rome.
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 26 July 2013 Another trip in the Popemobile. Pope Francis travels in style on his way to Copacabana Beach during World Youth Day celebrations on July 26, 2013 in Rio de Janeiro, Brazil.
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 26 July 2013 Pope Francis delivers a speech to Catholic faithful at Copacabana beach in Rio de Janeiro
AFP/Getty Images
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 13 August 2013 Pleased with his gift. A private audience with the Italy and Argentina Football Teams at The Vatican on August 13, 2013
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 21 August 2013 Pope Francis with his predecessor Pope Emeritus
AP
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 29 August 2013 The selfie Pope Francis had taken inside St. Peter's Basilica with youths from the Italian Diocese of Piacenza and Bobbio who came to Rome for a pilgrimage, at the Vatican
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 7 September 2013 Pope Francis said he asked the priest for "mercy"
AFP/Getty
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 7 November 2013 Pope Francis caresses a sick person in Saint Peter's Square
EPA
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 20 November 2013 Blessing a disfigured man in St. Peter's Square
Rex Features
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures December 2013 Pope Francis has been named Time magazine's Person of the Year
Time
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 8 December 2013 In silent prayer. Pope Francis prays in front of the statue of the Immaculate Conception at Spanish Steps December 8, 2013 in Rome, Italy. The statue was consecrated in 1857, several years after the church adopted the dogma which states that Mary was conceived without the stain of original sin. Following tradition, Pope Francis celebrated the Feast of the Immaculate Conception by venerating the statue
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 14 December 2013 What an interesting skull cap you have there.. A child inspects Pope Francis' attire during an audience with beneficiaries and volunteers of the Santa Marta pediatric dispensary in Paul VI Audience Hall in the Vatican on December 14, 2013
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures December 2013 Pope Francis holds a scarf of Argentine football team San Lorenzo of which he is a fan, during his visit to the Sao Jeromino Emiliani church at the Varginha favela in Rio de Janeiro
GETTY IMAGES
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures December 2013 Pope Francis wears his papal vestment during his inauguration mass at St Peter's square as Latin America's first pontiff
GETTY IMAGES
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures December 2013 Pope Francis wears a Fisherman's Ring, made of gold-plated silver, symbolising the Holy Father's role as a 'fishers of men'
GETTY IMAGES
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures January 2014 "The Times They Are A-Changing" indeed: Pope Francis waves on his Rolling Stone cover shoot
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 5 January 2014 A seagull flies past pope Francis as he arrives for the Angelus noon prayer he celebrates from the window of his studio overlooking St. Peter's Square at the Vatican on Sunday 5 January
AP
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 6 January 2014 The lamb of God. The pope has a lamb put around his neck by a woman dressed as a character from the nativity scene at Church of St Alfonso Maria dei Liguori in the outskirts of Rome
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 13 January 2014 Pope Francis baptises one of 32 babies during a mass in the Sistine Chapel at the Vatican
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 14 January 2014 Pope Francis being presented with a Harley Davidson Dyna Super Glide motorcycle in Vatican
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 22 January 2014 Pope Francis greets the crowd as he arrives for his general audience at St Peter's square on January 22, 2014 at the Vatican
AFP/Getty Images
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures January 2014 Pope Francis at the weekly papal audience in Rome, January 2014
Rex Features
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures February 2014 A close-up of Pope Francis' passport
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 19 February 2014 Facing some challenges. A gust of wind blows Pope Francis' mantle as he reads his speech during his weekly general audience in St. Peter's Square
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 26 February 2014 Pope Francis kissing a child dressed as Pope as he arrives in Saint Peter's Square to lead his Wednesday's General Audience, in Vatican City
AP
Pope Francis - the first year: From white smoke to selfies, a look back at 12 months in pictures 5 March 2014 At work, in concentration. Pope Francis blesses the altar in the Santa Sabina church in Rome on March 5, 2014, as he celebrates the mass for Ash Wednesday, opening Lent
In a statement, the IOR said it has blocked 1,239 individual and 762 institutional client accounts and terminated around 3,000 accounts, adding that it "now focuses only on Catholic institutions, clerics, employees or former employees of the Vatican".
In recent years, the bank has come under scrutiny over allegations of corruption, money laundering and lack of transparency. Among the recent scandals, Monsignor Nunzio Scarano, a former senior Vatican accountant who had close ties to the IoR, is currently on trial accused of plotting to smuggle millions of dollars into Italy from Switzerland in order to help rich friends lower their tax bills.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies