Pope Leo XIV issued a decree with new rules regarding the financial investments of the Roman Curia, annulling the decree of his predecessor, Pope Francis.
The Vatican Bank (IOR) will lose its exclusive right to manage the Vatican’s financial investments.
The new decree states that the Holy See will continue to use the IOR as a general rule to manage assets. However, the competent authorities may also use financial intermediaries from other countries if they consider it more efficient or advantageous.
Financial intermediaries can be, for example, banks or hedge funds.
This move is seen as an important step in the reorganization of Vatican finances, writes Hina.
During the summer of 2022, Pope Francis determined that the IOR has exclusive responsibility for managing assets and is the trustee of all financial assets of the Holy See and related institutions.
The new decree of Pope Leo XIV follows the recommendations of experts.
The Vatican Bank manages the assets of around 12.000 clients. Among them are Catholic institutions, Vatican employees and embassies of the Holy See.
The bank faces repeated allegations of corruption and money laundering, and the proper management of its finances and investments remains a sensitive issue within the Vatican.
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