Pope drops bonuses for cardinals on Vatican bank's board
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.
- Pope scraps allowance for Vatican Bank cardinals (ANSA)
- Pope rules against special bonus for Vatican employees (CWN, 4/18)
All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a donor, log in to see the comment form; otherwise please support our work, and Sound Off!