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Pope drops bonuses for cardinals on Vatican bank's board

CWN - April 22, 2013

Pope Francis has canceled a special financial bonus paid to the cardinals who supervise the Vatican bank, the ANSA news service reports.

Following an announcement last week that the Vatican would not pay the traditional bonus to employees at the start of a new pontificate, ANSA reports that the 5 cardinals on the board that oversees the Institute for Religious Works (IOR) will not receive the €25,000 (about $32,500) they had been paid each year on top of their regular salary. The moves have been ascribed to budgetary pressures and to the new Pope's desire for a Vatican more responsible to the poor.

The IOR, commonly (if not altogether accurately) known as the Vatican bank, has been under scrutiny in recent years for its record-keeping and financial transfers. After charges that the bank was open to money-laundering, IOR has instituted new procedures to guard against improper transfers, and is expecting a new report from European banking examiners late this year.

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  • Posted by: hartwood01 - Apr. 23, 2013 6:44 PM ET USA

    Bonuses for Cardinals? Outrageous. Pope Francis has a full time job cleaning house.No wonder people cast a jaundiced eye at the Vatican.

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