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So far, the banks have baulked at the idea of sharing branches, but maybe now with a little bit of pressure from the regulator its time has finally come. As my colleague Toby Walne reports opposite, some communities are desperate to see a shared bank branch open on their high street. Rest assured, we will not stop until such banks are as much a feature of our high streets as Costa Coffee outlets....................................................................................................................................... At last, a little bit of good cheer for savers. The Government has given National Savings & Investments the green light to attract billions of pounds of new money from savers. It should mean – not guarantee, mind you – that savers will continue to enjoy attractive rates from NS&I products such as monthly paying Income Bonds (1. 15 per cent), Direct Saver (one per cent) and Premium Bonds (effective prize rate of 1. 4 per cent). Hurrah. THIS IS MONEY'S FIVE OF THE BEST SAVINGS DEALS
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Set up a bank account online free no download
THIS IS MONEY'S FIVE OF THE BEST SAVINGS DEALS
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The Vatican Bank: The Most Secret Bank In the World
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Set up a bank account online.free.fr
By Avi Jorisch
Head of the Vatican bank Ettore Gotti Tedeschi (Image credit: AFP via @daylife)
Italian prosecutors have now detained the former head of the Vatican's bank after searching his home and former office for suspected criminal behavior. Catholics and followers of the Holy See will be disappointed to learn that the Vatican's bank appears to be embroiled in yet another financial scandal. After a number of very embarrassing episodes in recent years, the Pope pledged to comply with international standards on illicit finance and clean up the bank's image. The European Union has an important role to play in helping the Vatican mitigate risk and come into full compliance; the Financial Action Task Force (FATF), set up by the G-7 to combat money laundering and terrorist financing, has a responsibility as well. The Institute for Works of Religion (IOR), commonly referred to as the Vatican Bank, is a privately held financial institution located inside Vatican City. Founded in 1942, the IOR's role is to safeguard and administer property intended for works of religion or charity.
The bank accepts deposits only from top Church officials and entities, according to Italian legal scholar Settimio Caridi. It is run by a president but overseen by five cardinals who report directly to the Vatican and the Vatican's secretary of state. Because so little is known about the bank's daily operations and transactions, it has often been called "the most secret bank in the world. " The bank's president, Ettore Gotti Tedeschi, a well-known and well-regarded figure throughout European banking and social circles, was effectively sacked when the board passed a unanimous "no-confidence" vote in late May. Hired in 2009 with the hope that he would clear the IOR's reputation, he was fired, according to the Vatican announcement, because he failed to fulfill the "primary functions of his office. " Tedeschi echoed this when he told prosecutors that he came to the office only two days a week, spending the vast majority of his time as the head of Spain's Banco Santander office in Milan. Tedeschi and the Vatican Bank have recently been investigated on two separate occasions for money laundering.