La banque du Vatican, le bâtiment arrondi ci-dessus, l'Institut pour les œuvres de religion (IOR), a quadruplé son bénéfice net en 2012 par rapport à 2011, à 86,6 millions d'euros.L'Institut pour les œuvres de religion (IOR), la banque du Vatican, a enregistré un bénéfice net de 86,6 millions d'euros en 2012, soit quatre fois plus qu'en 2011, ce qui lui a permis d'apporter une contribution de 54,7 millions au budget du Saint-Siège, a annoncé l'IOR sur son site, ce mardi 1er octobre.
Pour la première fois, les résultats de la banque étaient publiés dans un rapport annuel sur son nouveau site internet, étape dans la politique de transparence voulue par le Vatican pour un institut très critiqué pour son opacité dans le passé.
page 8 du rapport annuel...
...It protects its customers’deposits and assets by investing predominantly in fixed interest securities, government bonds and money market accounts. Less than five percent of total assets are held in externally managed funds and equities....
The IOR’s economic performance as well as that of the portfolios which we managed for our customers
were driven above all by the development of interest rates in the Eurozone. During 2012, interest rates
fell across the Eurozone, as illustrated below.
This interest rate environment helped us in two ways: we benefited from relatively high interest income
on our existing portfolio, in particular during the early part of the year, and we subsequently benefited
from the rise in the market value of the interest-bearing securities we held.
During 2012, the IOR invested mainly in bonds. The Treasury Department overweighted government
bonds and underweighted bonds issued by financial institutions.
...Income Statement and Net Profit for the Year
For the year 2012, the IOR’s Net Profit was EUR 86.6 m (2011: EUR 20.3 m). This increase in net profit
was mainly due to favourable trading results and higher bonds values, resulting from the general
decrease of interest rates in the financial markets throughout the year....
The Net Interest Result fell 19.6 % to EUR 52.2 m in 2012, from EUR 64.9 m in 2011, driven both by
a decrease in the yield on bank deposits and investments, and an increase in interest paid to clients.
The average yield on bank deposits and investments in securities (mainly bonds) and money markets
fell to 2.06 % in 2012, from 2.37 % in 2011, while the average rate on client deposits increased to 0.99 %
in 2012, from 0.83 % in 2011.
Consequently, the spread between the average rate received on assets and the average rate paid on
liabilities fell to 1.07 % from 1.54 %. The Institute sought to mitigate the decline in interest margins by
consolidating short-term funds and investing for longer periods at higher rates, while maintaining
sufficient liquidity to meet all of its obligations.
The liability side of our balance sheet is made up in essence of customer deposits. Our customers
require us to invest the funds entrusted to us safely and to ensure that these funds are readily available
for their needs. As a result, we invest our balance sheet predominantly in interest-bearing securities,
and with banks. Our investment in the equity markets or financial instruments is negligible; the same
is true for our loan book.
Interest income 17 90,547 91,714
Interest, fees and commissions received 101,201 113,708
page 55 du rapport annuel...
During 2012, the Institute earned an average interest of 0.95 % (2011: 1.08 %) on the bank deposits.
As at 31 December 2012, interest of EUR 159,000 on impaired loans provisioned in previous years was recorded (note 23)
17. NET INTEREST RESULT
EUR 000 EUR 000
Bank deposits 12,626 12,561
Trading securities 47,358 56,101
Loans and receivables securities 12,373 10,143
Investment securities held to maturity 17,260 10,223
Investment securities available for sale - 1,660
Loans and advances 930 1,026
Customers 38,371 26,775
Other 4 11
Interest income accrued on advances and credit lines include also interests on doubtful loans amounting to EUR 159,000
(2010: EUR 157,000). The related impairment has been posted in the P & L item Impairment on loans and advances (note 23).
Interests income on Loans & Receivables securities and on investment securities held to maturity
voir aussi notamment la page 41
Gains and losses arising from changes in the fair value of the financial assets FVTPL category are
included in the item “Net trading income” in the period in which they arise. Realised gains and losses
coming from sales or reimbursement of the financial assets FVTPL are also included in the same item.
The accounting policies affecting any dividend or interest earned on the financial assets FVTPL are
set out later in notes r and t.
The accounting policies affecting derivatives held for trading are set out in the current Section note g.
For fair value measurement, the IOR adopted the IFRS 7 amendment that introduced a three tier
hierarchy disclosure based on the significance of inputs.
Loans are subsequently measured at amortised cost using the effective interest rate method.
Securities “loans and receivables” are initially recognised on the trade date that is the date on which
the IOR commits to purchase the asset.
They are initially recognised at fair value plus any direct transaction costs.
Securities “loans and receivables” are subsequently measured at amortised cost using the effective
interest rate method.
A gain or loss on “loans and receivables” is recognised in P & L through the financial amortisation
(item “Interest received/paid”) or when the assets are derecognised (item “Other net income” line
“Losses on advances” for loans and “Gains/losses on disposal of investment securities” for securities)
or when impairment losses are recognised (item “Impairment losses” line “Impairment losses
on advances” for loans and line “Impairment losses on investment securities” for securities).
The accounting policies affecting any interest earned on the financial assets “Loans and Receivables”
are set out later (note r).
About the rules applied for the impairment of financial assets pertaining to the category “Loans and
receivables”, refer to note u of the present Section.
Securities “Held to maturity” are subsequently measured at amortised cost using the effective interest
They may also be impaired under the circumstances set out in note u.
Gains and losses on “Held to maturity” financial assets are recognised in the Income Statement
through the financial amortization (item “Interest received/paid”) or when the assets are derecognised
(item “Other net income” line “Gains/losses on investment securities”) or when impairment losses are
recognised (item “Impairment losses” line “Impairment losses on investment securities”).
R) INTEREST INCOME AND EXPENSE
Interest income and expense are recognised in the income statement on an accruals basis.
Interest income and expense for financial instruments classified as held for trading or designated at
fair value through P & L are recognised “pro rata temporis” based on the contractual interest rate.
Interest income and expense for all remaining interest-bearing financial instruments, those classified
as held to maturity or classified as loans and receivables, or classified as Available for Sale, are recognised
within “interest income” and “interest expense” in the income statement using the effective
The effective interest method is a method of calculating the amortised cost of a financial asset or
a financial liability and of allocating the interest income or interest expense over the relevant period.
The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts
through the expected life of the financial instrument, or, where appropriate, a shorter period to the
net carrying amount of the financial asset or financial liability on initial recognition. The calculation
includes all transaction costs and all other premiums or discounts paid
U) IMPAIRMENT OF FINANCIAL ASSETS
i) Assets carried at amortised cost – Loans and advances to customers
and securities loans and receivables
At each balance sheet date, the IOR assesses whether there is objective evidence that a financial asset
be impaired. A financial asset is impaired and impairment losses are incurred if, and only if, there is
objective evidence of impairment as a result of one or more events that occurred after the initial recognition
of the asset and that loss event has an impact on the estimated future cash flows of the financial
asset that can be reliably estimated.
If there is objective evidence that an impairment loss on loans and receivables has been incurred, the
amount of the loss is measured as the difference between the asset’s carrying amount and the present
value of estimated future cash flows discounted at the financial asset’s original effective interest rate.
The carrying amount of the asset is reduced through the use of an allowance account and the extent of
the loss is recognised in the P & L item “Impairment losses”.
During 2012, the Institute earned an average interest of 0.95 % (2011: 1.08 %) on the bank deposits.
As at 31 December 2012, interest of EUR 159,000 on impaired loans provisioned in previous years was
recorded (note 23).
20. NET TRADING INCOME
EUR 000 EUR 000
Foreign exchange 167 2,187
Interest rate instruments 51,104 (23,189)
Equity instruments 236 (11,970)
Externally managed funds 4,759 (8,020)
Gold and precious metals 2,000 3,789
Derivative financial instruments (7,138) (970)
The two tables below show the breakdown of the item “Net trading income” distinguishing between realised result and revaluation result.
EUR 000 EUR 000
Realised gain / losses Realised gain / losses
Foreign exchange 285 2,475
Interest rate instruments 27,956 (8,908)
Equity instruments 2,855 2,740
Externally managed funds 1,408 (837)
Gold and precious metals 56 20
Derivative financial instruments (7,138) -
Unrealised gain / losses Unrealised gain / losses
Foreign exchange (118) (288)
Interest rate instruments 23,148 (14,281)
Equity instruments (2,619) (14,710)
Externally managed funds 3,351 (7,183)
Gold and precious metals 1,944 3,769
Derivative financial instruments - (970)
Total net trading income 51,128 (38,173)
Securities held in custody for third parties are evaluated based on current bid price, according to the
mark to market method and they also include accruals on interests to be received on debt securities.
Moreover, the securities held under portfolio management positions are evaluated according to the
mark to market method. They include the total value of portfolios, consequently also the liquidity for
settlements and term deposits. Furthermore, accruals are included, both on securities and on liquidity
and term deposits.
The IOR is the depository for both the liquidity for settlements and term deposits, amounting to
EUR 1.8 bn (2011: EUR 710 m), as stated in note 14.
5.1 Strategy in using financial instruments
By their nature, the IOR’s activities are principally related to the use of financial instruments.
The Institute accepts deposits from customers at both fixed and floating rates, and for various periods,
and seeks to earn above-average interest margins by investing these funds in high-quality assets.
The table below shows the concentration per rating of bond property portfolio, which comprises
all interest-bearing securities, including trading securities and financial assets held to maturity and
Loans and Receivables.
TABLE 5.2.2 BOND PORTFOLIO BY RATING CATEGORY S&P
AAA 19 % 28 %
AA+ 14 % 14 %
AA 1 % 4 %
AA- 12 % 8 %
A+ 3 % 4 %
A 3 % 8 %
A- 5 % 6 %
BBB+ 28 % 23 %
BBB 4 % 0 %
BBB- 11 % 0 %
BB+ 0 % 0 %
B 0 % 0 %
B- 0 % 0 %
Illiquid bonds not rated 0 % 5 %
Total 100 % 100 %
Also for the bond portfolio, the rating deterioration was due to the downgrading of sovereign debt risk
and to the subsequent downgrading of bond issuers from the downgraded countries.
An internal rating tool helps management to determine whether objective evidence of impairment
exists on advances made to customers, based on the following criteria set out by the Institute:
- delinquency in contractual payments of principal or interest;
- cash flows difficulties experienced by the borrower;
- deterioration in the value of collateral.
5.4 Market Risk
The Market Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market variables.
Market risk comprises the following three types of risk:
- currency risk (the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in foreign exchange rates);
- interest rate risk (the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market interest rates);
- other price risk (for individual financial instruments or for all similar financial
The IOR has exposure to market risks. Market risks arise from open positions in interest rate, currency
and equity products, all of which are exposed to general and specific market factors.
b. The Benchmark is built to represent the liabilities which cover the interest-bearing
securities, either Trading Securities and Financial Assets Held to Maturity, and considers
the strategy – balancing of foreign exchange positions – generally adopted by
Treasury. Since interest rate risk sensitive liabilities are not explicitly covered in the
VaR calculation, the IOR approximates the positions by using benchmarks such as
3-month LIBOR and EuroStoxx50 for modelling equity. It is a mix of three months euro,
US dollar and pound sterling swap rates, weighted according to the percentages of such
currencies in property portfolio bonds. It is utilised to measure the economic market
risk (the integrated risk of assets and liabilities, notwithstanding that they are accounted
for at fair value or at amortised cost), different from the trading market risk (considering
the risk of decrease of market value of our asset.
5.4.3 Interest rate risk
Interest sensitivity of assets, liabilities and off balance sheet items
Interest rate risk is the exposure to unfavourable changes in market interest rates.
Interest rate risk is the potential negative impact of changes in market interest rate on performances of
financial assets and financial liabilities that join their maturity during a certain period creating cash
flows to be reinvested at the new market conditions or that have to be re-priced.
The assumption of such risk is core to the financial business and it is important for the return and the
assets values. Nevertheless, an excessive interest rate risk may have adverse effects on the financial
performance and on the equity of a financial institution. Changes in interest rates affect the economic
result as they increase or decrease the interest margin and the net trading income, sensitive to interest
rates. Changes in interest rates also affect the value of assets, liabilities and off-balance sheet items as
the future expected cash flows change with interest rates.