Down to the Wire: Just $7,863 left to match to win our Challenge Grant. Your gift will still be doubled!
Click here to advertise on CatholicCulture.org

Pope Francis will not close Vatican bank, reaffirms its mission

Catholic World News - April 07, 2014

Pope Francis will not close the Institute for the Works of Religion (IOR), commonly known as the Vatican bank, and has reaffirmed “the importance of the IOR’s mission for the good of the Catholic Church, the Holy See and the Vatican City State,” according to a statement from the Holy See Press Office.

The Vatican statement indicated that the Pope had accepted recommendations from the special papal commission empaneled to study the IOR, the council of cardinals supervising the bank, and a 2nd papal commission studying the overall economic and management practices of the Vatican. These recommendations were discussed by the Pope and his Council of Cardinals in February before the Pontiff reached his final decision.

“The IOR will continue to serve with prudence and provide specialized financial services to the Catholic Church worldwide,” the statement continued. “The valuable services that can be offered by the Institute assist the Holy Father in his mission as universal pastor and also aid those institutions and individuals who collaborate with him in his ministry.”

At the request of Cardinal George Pell, the prefect of the Secretariat for the Economy, the IOR's president, Ernst von Freyburg, will complete a “plan to ensure that the IOR can fulfil its mission as part of the new financial structures of the Holy See/Vatican City State” and will present his plan to the eight-member Council of Cardinals and the newly formed Council for the Economy.

Cardinal Pell “has confirmed the importance of a sustainable systematic alignment of the legal and regulatory framework of the Holy See/Vatican City State with regulatory international best practice,” the statement concluded. “Strict regulatory supervision and improvements in compliance, transparency and operations initiated in 2012 and substantially accelerated in 2013 are critical for the Institute’s future.”

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!

Our Fall Campaign
Progress toward our year-end goal ($59,247 to go):
$150,000.00 $90,753.12
39% 61%
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.

Fall 2014 Campaign
Subscribe for free
Shop Amazon
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

Getting Marriage Right 12 hours ago
O Earthly Lord, vouchsafe to us high speed Internet. 15 hours ago
No 'Francis effect' in Strasbourg 18 hours ago
What Pope Francis told European Parliament, and what Pope John Paul II said 21 hours ago
Public perception demands a way of mercy November 24

Top Catholic News

Most Important Stories of the Last 30 Days
Pope Francis: Europe seems 'elderly and haggard' CWN - 23 hours ago