New papal directive on investments overturns rules by Pope Francis
October 06, 2025
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CWN Editor's Note: Pope Leo has issued a motu proprio on Vatican investments, reversing some of the rules issues by his predecessor, Pope Francis.
In August 2022, Pope Francis had ruled that all investments by Vatican agencies should be handled by the Vatican bank, the Institute for Religious Works (IOR). The new document, Conjuncta Cura, repeals that rule and says that investments should ordinarily be made through the Administration of the Patrimony of the Apostolic See (APSA), which handles the Vatican’s investment portfolio. The new document adds, however, that individual investments might also be made through other financial institutions when “the competent bodies...deem it more efficient or convenient.”
The motu proprio emphasizes “co-responsibility” for investments within “a dynamic of mutual collaboration.” This approach—recommended by the Vatican Committee for Investments—reverses the previous drive to consolidate all investment decisions in a single institution.
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