VATICAN CITY
The Guardian
John Hooper in Rome
theguardian.com, Monday 7 April 2014
The Vatican bank is to stay in business despite speculation Pope Francis might close down the scandal-plagued institution. After months of investigation and consultation, the Vatican announced the pope had opted for a reform plan instead.
The bank, officially called the Institute for the Works of Religion (IOR), has as its core business the management of cash deposited by Catholic religious institutions and members of the clergy. But its offshore status has been central to a string of scandals and controversies.
The statement said the IOR would continue to “serve with prudence”. It added that strict regulatory supervision and improvements in compliance and transparency were critical for the institute’s future.
But it said Francis recognised “the importance of the IOR’s mission for the good of the Catholic church, the Holy See and the Vatican city state”.
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