Pope hints at possible changes to scandal-ridden Vatican bank


https://i0.wp.com/ncronline.org/sites/default/files/styles/home_slideshow/public/stories/images/VaticanBank.JPGPope Francis has indicated for the first time that he may make changes to the Vatican’s scandal-ridden bank as part of a broad review of the Holy See’s troubled administration.

Before Francis was elected last month, many of the cardinals who went on to choose him expressed concern about the harm done to the Church’s image by three decades of scandals at the bank, which Italian magistrates are now investigating for money laundering.

A report last year by Moneyval, a European anti-money laundering body, found that the bank, officially the Institute for Works of Religion (IOR), had failed to meet some of its standards on fighting financial crimes, and called for increased oversight.

In an impromptu sermon at a Mass for Vatican employees including staff from the bank, the pope said they should concentrate on the true mission of the Church and that Vatican departments were needed “only up to a certain point”.

“The Church is not an NGO (non-governmental organization). It is a story of love,” he said, according to a transcript published by Vatican Radio.

“I know that people from the IOR are here, so excuse me. Offices are necessary but they are necessary only up to a certain point.”

It was the first time Francis, the former Cardinal Jorge Bergoglio of Argentina, had mentioned the Vatican bank in public since his election.

The account of the sermon in the Vatican’s newspaper, L’Osservatore Romano, omitted the mention, however. Italian media said this was a sign of conflict within the Vatican on how to deal with the bank.

Vatican sources have said the pope could restructure the IOR and has the power to close it if he wants to.

Italian media have reported that the bank, which currently answers to a commission of cardinals and enjoys great autonomy, could be placed under the control of another Vatican department to enable tighter control.

Famiglia Cristiana, Italy’s leading Catholic weekly, has called for the funds in the IOR, which manages money mostly for dioceses and religious institutions, to be administered by an independent “ethical bank” external to the Vatican.

Vatican spokesman Father Federico Lombardi said he was not aware of any imminent changes affecting the bank.


About The Voice Of Bombay's Catholic Laity

Bombay Laity Ezekiel’s Chapter 3 Task as Watchman 17 “Son of man, I have made you a watchman for the people of Israel; so hear the word I speak and give them warning from me. 18 When I say to a wicked person, ‘You will surely die,’ and you do not warn them or speak out to dissuade them from their evil ways in order to save their life, that wicked person will die for[b] their sin, and I will hold you accountable for their blood. 19 But if you do warn the wicked person and they do not turn from their wickedness or from their evil ways, they will die for their sin; but you will have saved yourself.
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2 Responses to Pope hints at possible changes to scandal-ridden Vatican bank

  1. Holy Father We would like to see that happening. We look at you as the one who will change the game.

  2. Cedric Vaz says:

    The late archbishop Paul Marcinkus (formerly of The Vatican Bank) once said, ” The Church does not run on Hail Marys ! “. Wonder what Pope Francis thinks about this quote now, from an old colleague of his ?

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