Click here to advertise on CatholicCulture.org

New changes looming at the Vatican bank?

Catholic World News - July 01, 2014

New major changes at the Vatican bank, including the replacement of the institution’s president, will be announced imminently, according to media reports.

John Allen of the Boston Globe, citing informed sources at the Vatican, said that Ernst von Freyberg will soon leave his post as president of the Institute for Religious Works (IOR). The change could come within a week, Allen reported.

The Vatican has not commented on the reports, but a Reuters story, citing anonymous Vatican sources, essentially confirmed Allen’s report.

Ernst von Freyburg, a German lawyer, was appointed president of the IOR in February 2013. He replaced Ettore Gotti Tedeschi, who was abruptly ousted by the IOR’s board in May 2012, at a time when the Vatican bank was under severe critical scrutiny because European banking regulators had found that the institution was vulnerable to money-laundering because of inadequate financial safeguards.

The IOR has been a major focus of efforts by Pope Francis to reform the Vatican. Two papal commissions have examined the bank in particular and Vatican financial affairs in general. The Financial Information Authority (AIF), the agency established in 2010 to supervise all Vatican financial affairs, recently completed a first-ever audit of the IOR.

Vatican sources cited in the Boston Globe and Reuters reports differed as to whether von Freyburg’s expected departure was a normal transition, with the German executive having fulfilled his mission in the process of reforming the IOR, or whether he was being ousted because of persistent complaints about the bank. The Italian weekly L’Espresso recently published a report that Msgr. Battista Ricca, the personal representative of Pope Francis to the IOR, had been critical of von Freyburg’s leadership.

An official announcement about new changes at the IOR could be made at the conclusion of this week’s meetings of the Council of Cardinals, which run through July 4.

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 ($15,902 to go):
$35,000.00 $19,098.29
45% 55%
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

Renewal with God before Us: Christ Determines All 1 hours ago
Sons of Dominic Prepare for Family Synod 24 hours ago
Dominican theologians assess proposals for divorced and remarried 24 hours ago
The ‘Pope Francis effect’—changing the way the world sees the papacy July 29
Renewal with God Behind Us: Man Determines All July 28

Top Catholic News

Most Important Stories of the Last 30 Days
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