Share on Google Plus Share on Twitter 15 Share on Facebook 1 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend (16 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   3 comments

OpEdNews Op Eds

Pope Francis shakes up Vatican Bank supervisory board

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): ; ; ; , Add Tags Add to My Group(s)

Must Read 1   News 1   Inspiring 1  
View Ratings | Rate It Headlined to H3 1/18/14

- Advertisement -

Original published at RT

Headquarters of the Institute for Religious Works (IOR) the Vatican's bank
(image by (AFP Photo / Gabriel Bouys))

In a move to restore the reputation of the Vatican Bank, Pope Francis has reshuffled most of the cardinals from the oversight body of the institution, replacing all but one of predecessor Pope Benedict XVI's appointments.

Pope Francis appointed four cardinals to give new blood to the five-member body tasked with overseeing the reform inside the very secretive institution. The new members of the consortium are the Secretary of State, Cardinal Pietro Parolin, and Francis's close friend Cardinal Santos Abril y Castello. The other new members are Cardinal Christoph Schoenborn, Archbishop of Vienna and Cardinal Thomas Collins, Archbishop of Toronto. The one holdover was French Cardinal Jean-Louis Tauran. 

On February 16, 2013, a few days before announcing his resignation, Pope Benedict XVI had confirmed the members of the supervisory board of the bank for five years. Among them was the assistant secretary of state, Cardinal Tarcisio Bertone, who has been widely accused by many for the administrative failures of the Vatican under the rule of Pope Benedict. 

The cardinals' commission is tasked with approval of the overall strategy of the institution including charity work as well as reviewing accounts. It is a de facto link between the Pope and the board of superintendence, consisting of five lay men from around the world. Last February, Ernst Von Freyberg was appointed as the new president of the bank.

Pope Francis has practically canceled the decree of Benedict, replacing Bertone and other members of the committee in charge of reforming the bank formerly known as the Institute for Religious Works (IOR). In the middle of 2013, Pope Francis appointed a trusted friend, Monsignor Battista Ricca, to occupy the post of supervisor and appointed an independent commission of inquiry to examine the activities of the bank and its legal status. 
- Advertisement -

His team shut down many of the suspicious accounts held in the bank and asked the Promontory Financial Group to audit the institution and bring it up to international standards. 

Pope Francis has vowed to reform the bank or close it down completely after a series of scandals that tainted the reputation of the Holy See and the institution responsible for its charity around the globe. 

Last July, IOR director Paolo Cipriani and deputy-director Massimo Tulli resigned, three days after the arrest of Vatican accountant Monsignor Nunzio Scarano on charges of plotting to smuggle 20 million euros ($26 million) into Italy from Switzerland. Dubbed "Monsignor 500," the man is currently on trial in Rome on the smuggling charge and is also under investigation for money-laundering Vatican accounts. 

In a 2010 scandal, Italian police seized 23 million euros from an IOR account. At the same time authorities launched an investigation against IOR's then-president, Gotti Tedeschi and director Paolo Cipriani for alleged money laundering from a Vatican account at an Italian bank. The money was later unfrozen and Gotti Tedeschi was exonerated as a suspect, while Cipriani hasn't been charged. 

In 2012, JPMorgan, an American financial giant closed its IOR accounts while Deutsche Bank Italia stopped its 15-year term providing electronic payment services to the Vatican. 
- Advertisement -

In October 2013, for the first time in its 125-year history, the Vatican bank disclosed its annual financial report to the public, showing a total of 4.98 billion euros in assets and 769 million euros in equity funds. is Russian television, which actually does a great job reporting on US news too.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles
Google Content Matches:
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Senators terrified with abuse of Patriot Act's secret laws

Pope Francis shakes up Vatican Bank supervisory board

DOJ wants Bush, senior cabinet members exempt from Iraq War trial

"World moving away from American financial hegemony"

Fracking Debris Considered Too Radioactive Even For Waste Site

Attorney General Holder under investigation on perjury suspicions


The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
3 people are discussing this page, with 3 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

I greatly admire pope Francis despite being an ath... by ProgressiveBum on Saturday, Jan 18, 2014 at 5:03:18 PM
I'm not sure what the Vatican Bank includes, but t... by Daniel Geery on Sunday, Jan 19, 2014 at 1:58:16 PM
This pope is now risking assassination. What a cou... by Eric Zuesse on Monday, Jan 20, 2014 at 5:10:09 PM