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Search begins for new president of Vatican Bank

Catholic World News - May 25, 2012

The board of directors of the Vatican Bank, the Institute for Religious Works (IOR), is “looking ahead to the search for a new and distinguished president who can assist the IOR to regain effective and wider relations between the institute and the financial community, based on the shared respect of accepted international banking standards,” the Vatican has announced.

The IOR board voted unanimously on May 24 to remove Ettore Gotti Tedeschi as president. That move came, a Vatican statement explained, because the governance of the bank had prompted “increasing worries among the members of the board and, despite repeated efforts to communicate these concerns to Prof. Gotti Tedeschi, president of the IOR, the situation deteriorated further.”

The commission of cardinals who oversee the financial affairs of the Vatican was scheduled to meet on May 25 in the wake of Tedeschi’s resignation, and plot the next steps for installing new leadership at the IOR.

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