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New Vatican bank president within days?

February 13, 2013

The Vatican bank, the Institute for Religious Works (IOR), will have a new president within a few days, according to the director of the Vatican press office.

Father Federico Lombardi said that the search for a new head of the IOR will not be slowed by the news that Pope Benedict XVI is resigning effective February 28. The bank’s board has been conducting the search for a new president since Ettore Gotti Tedeschi was forced out last May, and the process is nearing completion, he said.

The IOR has been troubled by scandal in the past, and more recently by complaints from Italian banking officials that the Vatican institution has been lax in enforcing rules to prevent money-laundering. While the IOR has worked diligently in the past year to put new transparent procedures into effect, there have been reports of conflicts among the IOR board members over the extent to which the Vatican should submit to international oversight.


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