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Pope renews terms of cardinals supervising Vatican bank

February 18, 2013

Pope Benedict XVI has renewed the terms of 4 of the 5 cardinals on the committee that supervises the work of the Vatican Bank, of the Institute for the Works of Religion (IOR).

Rumors of sweeping changes in the supervisory board had circulated in Rome last month. But only one of the 5 cardinals on the board was replaced. Cardinal Attilio Nicora, the president of the new Financial Information Authority, was due for replacement because his new duties—ensuring transparency in all financial transactions--could create a conflict of interest with the work of the IOR, which he now scrutinizes. His place on the supervisory board has been taken by Cardinal Domenico Calcagno, president of the Administration of the Patrimony of the Apostolic See (APSA).

The other 4 members of the panel are Cardinals Tarcisio Bertone, the Secretary of State; Jean-Louis Tauran, the president of the Pontifical Council for Inter-Religious Dialogue; Odilo Schere of Sao Paulo; and Telesphore Toppo of Ranchi, India.


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