I often wonder why individuals denominations feel they require a separate church owned Bank-I am perplexed by why the Roman Church has its own bank-given all the grief they have suffered over real or imaginary issues with the bank-why continue with it ?
It is not just the RC church , my Church offers various financial products although it seems that they contract with secular financial institutions -although they may have their own “secret” banking operations for all I know-even the Quakers at least in their early years were tied up with a number of English banks such as Barclays that were founded by early Quakers
I have not heard of a Methodist Bank or a Baptist one-does anyone have thoughts on this issue?
Are you referring to the Vatican Bank? If so, it is not a bank in the usual sense of the word. It doesn’t do loans or issue securities. It’s purpose is to support the Church’s mission around the world. It’s actual name is the Institute for the Works of Religion.
so the Vatican Bank just performs a cashier-bill paying function -does not do any investments with 3rd parties or have any individual ( single person or corporations) accounts - money that goes to Rome goes to the Vatican Bank who pays the bills otherwise the cash just sits idle till payed out
this would be bad business-surely they invest it right? they could hirean accounting firm to do this
I would assume that any large religious group or church would have certain challenges that might require a bank or credit union or trust or pension system. As to the Vatican Bank, I believe I heard on NPR that the Pope was trying to clean up the corruption that seems to stick to it. If I’m not mistaken, it has or had ties to the mafia and other shady characters in the past.
I think if you look at history, very often the state, particularly revolutionary states, and authoritarian socialist states have stolen Church property and funds in order to reduce or destroy Church influences and increase their own influences.
Today such threats are designed to get the Church to change moral and doctrinal teachings to agree with what has become the manufactured morality of academia which has sought to create an all subsuming secular society.
Having your own bank, particularly located in jurisdictions that are friendly towards the Church, insures against this state theft.
The Vatican is a City/State. It is a country all unto itself.
As mentioned earlier, it isn’t the kind of bank that gives out loans, checking accounts, etc. It is the financial institution of a government.
As far as your comment about teaming up to offer “financial products”, I would venture to say that it comes from a belief of supporting businesses that hold the same beliefs that you do. It could be compared to supporting local merchants that you know and trust compared to some outside company.
For example, the Catholic Church is not going to tout/recommend a financial product or service that somehow supports abortion, or their mission statement and practices support things that are outside of the Church’s teachings.