Thus in 1832 the Rothschilds' agreement to provide a loan to the Holy See for £400,000 (equivalent to £4 billion in 2021) came into force. Rothschild loans to the Holy See refers to a series of major financial loans arranged between the Rothschild family and the Holy See of the Catholic Church. Also known as the Institute for the Works of Religion, the Vatican Bank is a private bank located in Vatican City founded by Pope Pius XII in 1942.
On 30 December 2010, Pope Benedict XVI established the Vatican's independent Financial Intelligence Authority AIF) to oversee the monetary and commercial activities of all Vatican-related institutions, including the IOR.