Word: luxembourger
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...Serious questions are also being raised about his judgment and competence, specifically about his willingness to let the Vatican bank and its good name be used by international wheeler-dealers. At least eleven other official inquiries into Banco Ambrosiano's affairs are under way, in Italy, Britain, Switzerland, Luxembourg, the Bahamas and Peru. As those investigations stumble forward, the archbishop's once promising career is endangered, and the affair threatens to become an embarrassment for Pope John Paul...
...years, Calvi was determined to transform it into a major international financial institution from a relatively small regional bank with strong religious overtones (until ten years ago, would-be shareholders had to present baptismal certificates to prove their Catholicism). One of his initial steps was to form a Luxembourg holding company, Compendium, which later became Banco Ambrosiano Holding. The advantage of a foreign subsidiary: it is not subject to Italy's banking regulations. Calvi's next moves were to use the Luxembourg holding company to set up banks in Switzerland, the Bahamas, Peru and Nicaragua, and companies...
...return remains to be learned. But according to Sindona, the Vatican bank initially received 2.5% of the Bahamian bank's stock. Vatican officials told TIME that the stake in the Bahamian bank eventually rose to 8% and that the church's interest in Banco Ambrosiano Holding in Luxembourg...
...financial markets by Ambrosiano and its subsidiaries, in an attempt to strengthen his grip on the parent bank. During 1978-79 and in 1981, Ambrosiano and its subsidiaries raised about $1.2 billion. In these years the banks lent at least $800 million to low-capitalized shell companies in Panama, Luxembourg and Liechtenstein. The shell companies, in turn, used about $400 million to buy stock in Banco Ambrosiano and other securities. All or part of yet another $400 million appears to have been funneled through these same companies to finance South American deals. By June 1982 the shell companies owed Banco...
...salvage what they could of the loans taken out by the bank. Half of the $1.2 billion to $1.4 billion has been guaranteed by seven Italian banks, and will apparently be repaid. The other half, though, is owed to creditors by Ambrosiano's subsidiaries in Nassau and Luxembourg. But the Luxembourg affiliate has been declared in default, and operations by the Bahamian subsidiary have been suspended by banking authorities in that country. Italian government officials and foreign creditors are arguing that the Vatican bank has at least a moral responsibility to honor the entire debt, since...