Vatican City, Jul 17, 2014 / 08:04 pm (CNA/EWTN News).- The Institute for Religious Works, or 'Vatican Bank', has released its annual report for 2013, announcing the start of the second phase of its intended reform.

Ernst von Freyberg, the outgoing president of the institute’s board, said it will “continue to serve with prudence” and provide specialized financial services to the Church around the world.