VATICAN CITY
Reuters
The Vatican bank has been shaken by the dismissal of its President, Italian Ettore Gotti Tedeschi, who was removed by its board of external financial experts over accusations of negligence and failing to fulfil basic duties. A day after Gotti Tedeschi’s sacking, the Vatican announced that Pope Benedict’s butler had been arrested and accused of leaking secret church documents in what has evolved into the worst internal crisis of Benedict’s papacy.
Here is a look at the 70 year-old Vatican Bank and its scandals:
* The Vatican bank, known formally as the Institute for the Works of Religion, (IOR) was established in 1942 by Pope Pius XII and is used by Vatican agencies, church organisations, bishops and religious orders around the world.
* It is a privately held institution located inside Vatican City run by a professional bank CEO who reports directly to a committee of cardinals, and ultimately to the Pope.
* It offers currency exchange services and interest-bearing accounts and has an investment portfolio.
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