Last February, we received 607 gifts, but fell short. This year we need 700. We have 8 to go—donate now!
Click here to advertise on CatholicCulture.org

Pope drops bonuses for cardinals on Vatican bank's board

Catholic World News - 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.

Additional sources for this story
Some links will take you to other sites, in a new window.

An appeal from our founder, Dr. Jeffrey Mirus:

Dear reader: If you found the information on this page helpful in your pursuit of a better Catholic life, please support our work with a donation. Your donation will help us reach seven million Truth-seeking readers worldwide this year. Thank you!

Progress toward our February expenses ($6,829 to go):
$35,000.00 $28,170.54
20% 80%
Sound Off! CatholicCulture.org supporters weigh in.

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!

Show 1 Comments? (Hidden)Hide Comments
  • 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.

Subscribe for free
Click here to advertise on CatholicCulture.org
Shop Amazon

Recent Catholic Commentary

Two good publishers, six new books for Lent 11 hours ago
Another awkward 'clarification' from the Vatican February 25
Former Israeli ambassador explains how to make 'two-state solution' realistic February 25
Solidarity Campaign: Going well, thanks! And how can you help? February 25
Considering the World of Film February 24

Top Catholic News

Most Important Stories of the Last 30 Days
Pope Francis to address Congress in joint session in September CWN - February 5