Pope Leo removes power from the Vatican Bank

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestylePope Leo XIV has reversed a 2022 law that had centralised the management of the Holy See’s assets exclusively with the Vatican bank, the Institute of Religious Works (IOR). The new legislation allows the Holy See to utilise non-Vatican banks if deemed more efficient or convenient by its investment committee. This move is seen as a clear indication that Leo is recalibrating power within the Vatican and correcting questionable financial reforms made by his predecessor, Pope Francis.It follows another recent action where Leo removed Monsignor Roberto Campisi, an administrator close to Francis, from the Secretariat of State and reassigned him to Paris. The announcement of the new law coincided with Pope Leo's meeting with the Knights of Columbus, a significant US Catholic charitable organisation and major donor to the Holy See. In fullPope Leo rolls back one of his predecessor’s more questionable reformsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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