Cardinal commission for Vatican bank could undergo changes

Last updated on: January 10, 2014 at 9:07 am by CNA Daily News

Cardinal commission for Vatican bank could undergo changes 2014-01-10T09:07:00+00:00 CNA Daily News

LOGO Patheos Explore the world's faith through different perspectives on religion and spirituality! Patheos has the views of the prevalent religions and spiritualities of the world.

Vatican City, Jan 10, 2014 / 02:07 am (CNA).- Pope Francis could be considering a reshuffle of the cardinals commission of the Institute for Religious Works, the so-called “Vatican bank,” also known by the Italian acronym of IOR.

Changes to the cardinals commission could be made as soon as a separate pontifical commission delivers the conclusions of its recent analysis of the Institute for Religious Works to the Pope.

Last year, Pope Francis charged the pontifical commission with drawing up an “exhaustive” report into the juridical standing and activities of the Vatican's financial institution.

The pontifical commission – issued via a chirograph with immediate effect on June 24 – is chaired by Cardinal Raffaele Farina and is composed of five people.

The IOR is a sort of central body of the Holy See. Its purpose is to provide for the protection and administration of moveable and immovable assets transferred or entrusted to the institute and destined for religious works or charity. Financial transparency and successful cooperation with Europe's anti-money-laundering agency Moneyval has continued to remain a priority for the institution in recent years.

According to a source familiar to Vatican finances who spoke to CNA on Jan. 7, the pontifical commission is meeting at least three days a week, and a conclusive meeting with the Pope is scheduled on Feb. 13. After that meeting, the Pope could carry out changes to the IOR group.

Retired pontiff Benedict XVI renewed the cardinals commission on Feb. 16 of 2013. Because members of the commission serve for five years, the mandate of the IOR Cardinal Commission for Oversight will expire in 2017.

Benedict XVI nearly confirmed all the members of the IOR cardinals commission: the then Secretary of State Tarcisio Bertone, and cardinals Odilo Pedro Scherer, Telesphore Toppo, and Jean Louis Tauran.

Only Cardinal Attilio Nicora left the commission as he was also president of the Authority for Financial Information, which could have lead to a conflict of interest.

The cardinals commission is by custom chaired by the Cardinal Secretary of State. As Cardinal Bertone is no longer in charge of the post, Archbishop Pietro Parolin, now Secretary of State, would be inserted in the ranks of the commission.

Italian newspaper Corriere della Sera maintained Jan. 5 that Pope Francis will appoint Cardinal Santos Avril y Castello, archpriest of the Roman Basilica Saint Mary the Major, as president of the cardinals commission.

According to the 1990 chirograph that regulates the function of the Institute for Religious Works, the Pope appoints the members of the cardinals commission, while the commission “is chaired by the cardinals the members of the commission choose.”

The cardinals commission convenes at least bi-annually and oversees the compliance of the IOR with its statutory norms. According to the source who spoke to CNA, the next meeting of the cardinals commission will take place Jan. 13.

Vatican

Previous Post

January 10, 2014

Amid violence, South Sudan Catholics outline steps to peace

Next Post

January 10, 2014 New book examines 'vibrant' revival of US Catholicism

Browse Our Archives

Select a Category Americas Asia - Pacific Europe Middle East - Africa Uncategorized US Vatican

Select a Month November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 September 2016 August 2016 July 2016 June 2016 May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015 May 2015 April 2015 March 2015 February 2015 January 2015 December 2014 November 2014 October 2014 September 2014 August 2014 July 2014 June 2014 May 2014 April 2014 March 2014 February 2014 January 2014 December 2013 November 2013 October 2013 September 2013 August 2013 July 2013 June 2013 May 2013 April 2013 March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012

TAKE THE

Religious Wisdom Quiz

How many total plagues did God send on Egypt?

Select your answer to see how you score.

Seven Ten Twelve Five