Click here to advertise on CatholicCulture.org

Vatican bank error threatened accounts of widows, pensioners

Catholic World News - January 31, 2014

One of the steps toward financial reform at the Vatican bank, the Institute for Religious Works (IOR), backfired when the bank accidentally threatened to close the accounts of retired lay Vatican employees and their surviving spouses.

In December, the IOR announced that it would close the accounts of lay people who had no direct connection to the Vatican. The IOR planned to hold accounts only for Catholic institutions and religious orders, clerics, diplomats accredited to the Holy See, and employees or former employees of the Vatican.

However, due to a clerical error, some retired Vatican employers were classified as ineligible to have IOR accounts. As a result, they received a terse letter from the bank, instructing them to close their accounts promptly or risk losing their funds. “In some cases old ladies got nasty letters,” an IOR spokesman told the Associated Press. The IOR has apologized for the error, and assured the retired workers and their spouses that their accounts are safe.

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 July expenses ($33,100 to go):
$35,000.00 $1,899.95
95% 5%
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!

There are no comments yet for this item.

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

Recent Catholic Commentary

Making Moral Progress? July 3
Vatican statement clarifies duties of Catholic faithful after Obergefell decision July 2
Political battles vs. sacrificial service: The Brooks paradox revisited July 2
A Baptist leader with a message the Synod of Bishops should hear June 30
'Helpful' advice for social conservatives: ignore causes, deal with effects June 30

Top Catholic News

Most Important Stories of the Last 30 Days
Pope approves process for holding bishops accountable in abuse cases CWN - June 10
Pope Francis’ 2nd encyclical released (includes link to full text) CWN - June 18
US Supreme Court rules all states must recognize same-sex marriage CWN - June 26
Archbishop Nienstedt, auxiliary bishop resign CWN - June 15