Behind the overwhelming news barrage relating to the Queen’s passing, something big is brewing. The Vatican is battening down the hatches.
here’s the official line from The Catholic Herald:
“Pope Francis has moved decisively to clean up corruption in Vatican finances and to avoid a repeat of the high-profile botched investment in a London property that resulted in a loss of 140 million euros.
The Holy Father issued a document called a “rescriptum”, which explicitly ordered all investments made by Vatican departments to proceed through the Institute of Works of Religion (IOR), also known as the Vatican bank.
The order gives all Vatican departments until October 1 to close their investment accounts or stock holdings in foreign banks, including those in Italy, and to transfer them to the IOR.
Crucially, the move centralises investments by the Vatican in an institution which is subject to international standards and inspections by financial watchdogs.
It is the culmination of a policy first mooted during the period when Cardinal George Pell was in charge of reforming Vatican finances.’ continues at source:
Pope puts faith in Vatican Bank to prevent repeat of London property scandal – Catholic Herald
AP News report:
Pope imposes deadline for Vatican to transfer assets to bank | AP News
And here’s an analysis via Clare Swinney putting a more controversial angle on the story:
On its own, I wouldn’t pay much attention. But in the context of all that is currently unfolding, one should sit up and take notice. Martin
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