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New prelate to join Vatican bank leadership?

Catholic World News - January 31, 2011

The Vatican bank, the Institute for Religious Works (IOR), will soon have a new prelate on its leadership team, according to Italian media reports.

Msgr. Luigi Misto, who handles financial affairs for the Archdiocese of Milan, will be appointed “prelate” of the IOR, working alongside the bank’s chairman, Ettore Gotti Tedeschi. Msgr. Misto would work with Cardinal Attilio Nicora, the president of the Vatican’s newly empaneled Financial Information Authority. He would also have the ear of the Secretary of State, Cardinal Tarcisio Bertone.

In the past, the office of “prelate” within the Vatican bank has caused some tensions, creating at least a strong perception that the IOR has had dual lines of authority, with the prelate sometimes taking actions without consultation with the chairman, who is a banking professional.

The office of “prelate” of the IOR has been vacant for the past year. The last prelate was Bishop Piero Pioppo, who had previously served as secretary to the former Secretary of State, Cardinal Angelo Sodano. Coming to the Vatican bank as Cardinal Sodano stepped down, Bishop Pioppo was widely seen as the retired cardinal’s man at the IOR. Last January he was appointed the apostolic delegate to Cameroon and Equatorial Guinea.

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