ROME: Pope Leo XIV has issued a decree introducing new rules for the financial investments of the Roman Curia, overturning a regulation put in place by his predecessor, Pope Francis.
The Vatican Bank (IOR) will lose the sole and exclusive right to manage the Vatican’s financial investments, reported German news agency dpa.
The new decree states that the Holy See should continue to use the IOR for the management of assets as a general rule. However, the competent bodies can now also use financial intermediaries from other states if they consider this to be more efficient or advantageous.
Financial intermediaries can be banks or hedge funds, for example.
The move is seen as a significant step in the ongoing reorganisation of the Vatican’s finances.
In the summer of 2022, pope Francis stipulated that the IOR has exclusive responsibility for asset management and is the trustee of all financial assets of the Holy See and its affiliated institutions.
Pope Leo XIV’s new decree follows the recommendation of experts.
The IOR manages the assets of around 12,000 clients. These include Catholic institutions, Vatican employees and ambassadors to the Holy See.
The bank has faced repeated allegations of corruption and money laundering, and the proper management of its finances and investments remains a contentious issue within the Vatican. – BERNAMA-dpa
