Tuesday, March 26, 2013

Pope is thinking of closing the Vatican Bank

After money laundering allegations Pope Francis is thinking, according to an agency report about the matter, to close the famous Istituto per le Opere di Religione (IOR), also known as the Vatican Bank.

During a pre-Conclave meeting of cardinals, the closure of the IOR was proposed due to lack of transparency and anti-money laundering accusations by the EU, said Archbishop Claudio Maria Celli, president of the Pontifical Council for Social Communications to the news agency KAI. "The Pope as examining these proposals." According to Archbishop Celli, who is considered the most likely candidate for the office of Cardinal Secretary of State, the Pope does not rule out closure of the IOR.

The Istituto per le Opere Tues Religione IOR (German: Institute for Religious Works) was founded in 1942 to manage resources of the religious institutions. The bank, which now employs 112 people has repeatedly made headlines  for alleged financial scandals.

Source Cathcon- Archbishop Celli is a career diplomat- many considered that Cardinal Bertone's appointment to be a mistake, as he was not, and this led to tensions within the Secretariat of State and beyond. Pope Paul VI, himself a career diplomat, elevated in 1965 the Secretariat of State over the Supreme Sacred Congregation of the Holy Office, as it was then known (becoming the Sacred Congregation for the Doctrine of the Faith- Sacred was dropped as a description for all dicasteries in 1985). A reversal of this decision may perhaps be advisable, as Catholicism is the Faith, not a diplomacy, although perhaps after the present liberation theology loving present Prefect has found other employment. The Vatican Bank when originally established was run by three close relatives of Pope Pius XII- one could not be too careful in wartime Italy.

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