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Vatican Bank Profits Rise as Cleanup Continues

The Vatican bank posted a sharp rise in net profit in 2014 after absorbing the costs of a cleanup that hit earnings the year before as part of a wide-ranging drive to tighten financial governance and eliminate abuse, a statement showed on Monday. The bank, formally known as the Institute for Religious Works (IOR), has toughened regulatory standards and closed thousands of accounts, which were either inactive or deemed not to meet new standards required of clients. Reforming the IOR has...

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