Former Vatican bank chairman defends his record, criticizes Cardinal Bertone

January 08, 2015

The former chairman of the Vatican bank has defended his leadership and charged that other Vatican officials thwarted his plans for reform, in an article for England’s Catholic Herald.

Ettore Gotti Tedeschi, who was ousted by the board of the Institute for Religious Works (IOR) in 2012, does not name the officials who opposed his drive to bring the Vatican bank into line with international standards, but he appears to point a finger at Cardinal Tarcisio Bertone, the former Secretary of State.

Tedeschi argues that Cardinal George Pell, who now oversees Vatican financial operations as prefect of the Secretariat for the Economy, should be aware of the circumstances that led to his own departure. The Italian financier says that he support Cardinal Pell’s plans for economic reforms, but questions whether the cardinal has been properly informed about the recent history of the IOR.

Tedeschi writes that he was never given the opportunity to defend his management before being dismissed by the IOR board. He says that the board’s public criticism of his leadership masked a deeper conflict about the direction of the bank.

By Tedeschi’s account, the IOR had largely satisfied the demands of European banking authorities for more transparency and accountability, until in 2012 the Vatican’s Financial Information Authority “ceased to be an independent body but came under the supervision of the Secretary of State, Cardinal Bertone.” Banking regulators saw that move as a dangerous reversal, he says, and his proposal to restore confidence in the Vatican bank, by establishing its independence, led to his dismissal.

Tedeschi reminds readers that Pope Benedict XVI, who had expressed complete confidence in him, was shocked by his ouster.

 

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Further information:

• What Cardinal Pell needs to know (Catholic Herald)