Vatican bank chairman to quit in shake-up

Irish Independent
July 2, 2014

http://www.independent.ie/business/world/vatican-bank-chairman-to-quit-in-shakeup-30398675.html

President of the Vatican bank Ernst von Freyberg.

Ernst von Freyberg, president and executive member of the oversight council at the Vatican Bank

The Vatican bank's chairman is to step down as soon as next week as part of the restructuring of an institution that has been an embarrassment to the Catholic Church for decades, Vatican sources said.

But the sources, who spoke on the condition of anonymity, disagreed over whether Ernst von Freyberg was leaving willingly or whether he was being pushed out over differences within the Vatican about the pace of reform.

Mr von Freyberg's departure is expected to be announced in connection with the publication, most likely next week, of the new annual report of the bank, officially known as the Institute for Works of Religion (IOR).
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The new statues of the bank are expected to make the chairman's job a full-time, residential position and, according to one source, Freyberg has decided he wants to return to his family in Germany.

"He is at peace with his decision because it is his decision," this source said.

Mr von Freyberg was appointed to head the bank in February, 2013 in one of the last decisions made by former Pope Benedict before he resigned at the end of that month.

Under his leadership, the IOR, which has been hit by numerous scandals, closed hundreds of accounts, instituted strict anti-money laundering regulations and launched several investigations into suspicious activities.

Just three months ago, Cardinal George Pell, brought in by Pope Francis to head the Vatican's new department to oversee all its economic activities, said Mr von Freyberg was doing "an excellent job".