Origin
The Istituto per le Opere di Religione was founded on 27 June 1942 by Pope Pius XII. It absorbed the Amministrazione delle Opere di Religione (Administration of the Works of Religion), which had originated in the Commission for Works of Charity (Commissione ad pias causas) established by Pope Leo XIII on 11 February 1887.
It has always been distinct from what has become the Administration of the Patrimony of the Apostolic See, which instead of administering funds destined for works of charity, manages the funds remaining at the disposal of the Pope after the complete loss of the Papal States in 1870 and those that were part of the settlement of the Roman Question by the Lateran Pacts of 1929.
The purpose of the Istituto per le Opere di Religione is "to provide for the safekeeping and administration of movable and immovable property transferred or entrusted to it by physical or juridical persons and intended for works of religion or charity".
It is thus not a department of the Roman Curia, and is therefore not among the departments of this central administrative structure of the Roman Catholic Church.
Nor is it a central bank responsible for a country's monetary policy and for maintaining the stability of a currency and money supply. This function is regulated by the Monetary Agreement between the European Union and the Vatican City State, authorizing the use of the euro as the official currency of Vatican City, and implementation of the agreement within the state is overseen by the Financial Information Authority established on 30 December 2010.
Unlike in banking for profit, the surplus is used for religious and charitable purposes.
Read more about this topic: Institute For Works Of Religion
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