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The Institute for the Works of Religion (Institutum pro Operibus Religionis; abbreviated IOR), commonly known as the Vatican Bank, is a financial institution that is situated inside Vatican City and run by a Board of Superintendence, which reports to a Commission of Cardinals and the Pope. It is not a private bank, as there are no owners or shareholders; it has been established in the form of a juridical canonical foundation, pursuant to its statutes. The IOR is regulated by the Vatican's financial supervisory body. 
The Institute, marking its 80th anniversary, was founded in June 1942 by papal decree of Pope Pius XII. In June 2012, the IOR gave a first presentation of its operations. In July 2013, the Institute launched its own website. On 1 October 2013, it also published its first-ever annual report. On 7 April 2014, Pope Francis approved a proposal on the Institute's future, "reaffirming the importance of the IOR’s mission for the good of the Catholic Church, the Holy See and the Vatican City State". 
			 			 			 			 			 			 The €1,20 postage stamp issued for this occasion features the portraits of the two popes central to this celebration: Pius XII, who founded the institution, and Pope Francis, who renewed its charter. The two popes are facing the right to show the care and concern that the Successor of Peter has for the future of this institution. Also depicted is the Tower of Nicholas V, the historic headquarters of the Institute.

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