Pope scuttles plan to set up investment fund for Vatican bank
May 22, 2015
Pope Francis has vetoed a plan to set up an investment fund for the Vatican bank, the Institute for Religious Works (IOR), reports Andrea Tornielli of La Stampa.
The investment fund, which would have been based in Luxembourg, was proposed by Jean-Baptiste de Franssu, the IOR president, and approved by the bank’s board. But the council of cardinals that supervises the IOR questioned the idea, and sent it to the Pope for a final decision, Tornielli writes.
Pope Francis has insisted that the IOR should not be managed like an ordinary investment bank. The establishment of an investment fund in another country would have required complex legal and financial planning that the Pope apparently considered incompatible with the transparency and simplicity that he has sought for the Vatican bank.
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