• Text size      
  • Send this article to a friend
  • Print this article

Pope votes for Vatican bank to be kept open

Pope Francis has approved a reform proposal keeping the Vatican bank operative, ending a year of speculation over whether the pontiff would close the institution that has embarrassed the Church for decades.

The bank's stated purpose is to manage funds for Roman Catholic orders of priests and nuns, charitable institutions and Vatican employees and retirees. But it has been dogged by episodes of malpractice by people authorised to hold accounts there and murky dealings with Italian financial institutions.

"The IOR will continue to serve with prudence and provide specialised finiancial services to the Catholic Church worldwide," the Vatican said on Monday in a statement annoucing Francis had approved recommendations for the future of the bank, known as the Institute for Works of Religion (IOR).

Monsignor Nunzio Scarano, a former senior Vatican accountant who had close ties to the IOR, is currently on trial accused of plotting to smuggle millions of dollars into Italy from Switzerland to help rich friends avoid taxes.

Contextual targeting label: 
Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

224891