The Church of England is set to take in millions in bond revenue. The development comes as the church's Royal Bank of Scotland bonds are to be sold for more than $84 million USD.
The state-backed Church owns 10 percent of a bond sold by the Royal Bank of Scotland in 2013, reports Christian Today. Now, the the Scottish bank is about to pay back bond owners after it separates from subsidiary Williams and Glyn.
The Church’s investment is expected to pay off soon. RBS says it anticipates “the signing of a binding agreement to sell the business by year end 2016.”
The Church of England Commissioners’ office declined to comment on the bonds.
This is not the first time that the Church of England’s finances have fallen into the public spotlight.
In 2013, the Church was dealt criticism after revelations that it owned shares of Wonga, a “payday loans” corporation, reports the Telegraph. Wonga and other companies have been criticized for taking advantage of vulnerable clients with unreasonably high interest rates. Some rates have reportedly reached 5,000 percent annually (yes, you read that correctly).
The Church says that it is attempting to sell off the bonds, but must “work out how they can dispose of those shares without disposing of millions and millions of [dollars] of investment at a loss,” said Archbishop of Canterbury Justin Welby.
The Archbishop added that it would be irresponsible for the church to hastily sell off bonds.
“[We] have a responsibility to pensioners,” said Welby.
The Church of England has an investment portfolio valued at more than $7.7 billion USD, reports Huffington Post.
Despite the church’s vast portfolio, it reportedly receives 60 percent of revenue from donations. The Church says that if it had to pay taxes, it would go broke.