Vatican bank plans full compliance with European regulations
October 29, 2010
The Holy See has reaffirmed its commitment to bring the operations of the Vatican bank, the Institute for Religious Works (IOR), into line with European regulations.
A spokesman for the European Union reports that the Vatican has made plans to meet a December 31 deadline for compliance with new EU banking rules. An Italian newspaper, Libero, had said that the IOR would miss that deadline, thereby endangering the Vatican’s participation in European monetary accords.
The Vatican will enact the necessary legislation to comply with the accords, the EU spokesman said. Citing a clear trend toward greater disclosure at the IOR, the spokesman remarked: “It’s a clear improvement from the current situation.” (The Bloomberg report on the Vatican plan carries a misleading headline, insofar as it suggests that the Pope personally intervened to ensure that the IOR would meet the European deadline. There is no evidence that the Pontiff was directly involved; the commitments were made by other officials at the Vatican.)