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President of Vatican Bank removed from office

Catholic World News - May 24, 2012

The president of the Vatican Bank has been removed from his office by a unanimous vote of the board of directors.

Ettore Gotti Tedeschi, who took over the Institute for Religious Works (IOR) in 2009, was ousted “for not fulfilling the primary functions of his office,” according to a statement issued by the Vatican press office on May 24.

Tedeschi had promised to introduce full transparency at the IOR, and to bring the Vatican Bank into line with new international standards for prevent of money-laundering. But under his leadership the institution has not yet regained the confidence of European and American banking officials.

The ousted president had riled some colleagues by taking a high-profile approach to his position, speaking out frequently on public issues. Yet Tedeschi had also been criticized for paying insufficient attention to the Vatican institution, while serving simultaneously as head of the Italian unit of the Spanish Banco Santander.

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