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Vatican posts 2011 loss, though donations up

ROME (Reuters) – The Roman Catholic Church mislaid 14.9 million euros final year as “the disastrous trend of tellurian financial markets did not concede targets to be met,” a Church said, though donations from a true around a universe were up.

The donations, famous as Peter’s Pence, rose 3 percent to 69.7 billion euros in 2011. Donations from dioceses to support a executive structure of a Church also rose, gaining 17 percent to $32.1 million.

The Vatican has posted annual waste in 4 out of a 5 past years – all though 2010.

The Vatican bank, that has been in misunderstanding given May 24 when a boss Ettore Gotti Tedeschi was discharged by a board, handed 49 million euros over to a Vatican in 2011, a Church’s daily circular said.

The matter did not contend either a detriment was due to investments done by Vatican bank, rigourously famous as a Institute for Works of Religion.

The Vatican pronounced it dismissed Gotti Tedeschi since he was an ineffectual and divisive manager.

Both Gotti Tedeschi and Paolo Cipriani, director-general of a bank, are underneath review by Rome magistrates who in 2010 froze 23 million euros ($28.8 million) a Vatican bank hold in dual Italian banks.

The Vatican bank says it did zero wrong and had been carrying out “normal operations” by transferring a possess supports between a possess accounts in Italy and Germany. The income was expelled in Jun 2011 though a review is continuing.

(Reporting by Steve Scherer; Editing by Janet Lawrence)

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