Click here to advertise on CatholicCulture.org

Vatican bank president awaits Pope's verdict for future

Catholic World News - February 17, 2014

The president of the Vatican bank has said that he cannot predict what Pope Francis will decide regarding the future of the institution.

“I don’t know what will happen,” Ernst von Freyberg, who was appointed last year to head the Institute for Religious Works (IOR), told the Argentine newspaper La Nacion. Pope Francis is conferring this week with the Council of Cardinals, and receiving reports from the special commissions he created to review the Vatican’s financial affairs. The future of the IOR will clearly be one of the main items on the agenda.

The Pope could choose to close down the IOR entirely, or to revise the mission of the institution. Alternatively he could reach the conclusion that with the implementation of new rules requiring transparency in financial transactions, the IOR can continue its current operations.

The IOR has come under suspicion in recent years because of lax accounting standards, which prompted European banking regulators to fear that the Vatican institution might be used for money-laundering. A review of accounts, following the imposition of new accounting standards, has uncovered some “black sheep,” von Freyberg disclosed. But he said that the review has not found any “systematic violations.”

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 ($18,851 to go):
$35,000.00 $16,149.29
54% 46%
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
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

May God Bless our Readers! July 18
What's Wrong with the Pope's latest interview? July 15
What was wrong with the Pope's latest interview? A lot. July 15
Fool me once... July 14
Crowdfunding can change lives July 11

Top Catholic News

Most Important Stories of the Last 30 Days
Vatican issues working document for Synod of Bishops on the family CWN - June 26
New management, new changes coming for reformed Vatican bank CWN - July 8
Sweeping reforms to Vatican's media, financial operations CWN - July 9
‘Even Genghis Khan didn’t do this’: Mosul emptied of Christians CWN - July 21