Christian News Updates - Vatican bank chief to step down amid restructure Pope Francis is appointing a cardinal as head a new economic affairs department at the Vatican. The president and four non-executive members of the governing board of the Vatican bank is due to step down, the BBC has learned. Their move is be announced on Wednesday as part of a restructuring plan for the Catholic Church’s central government. Pope Francis has sought to stamp out corruption and other abuses at the bank, which handles the Church’s funds. The news comes after the bank said its profit fell to 2.9m euros (£2.3m) in 2013, down from 86.6m euros in 2012. Attempts to create a more transparent banking system for the Catholic Church, begun by former Pope Benedict after allegations were made that the Vatican bank had been used by money launderers, will continue under new management. Balance sheet woes The Vatican’s precarious financial situation was revealed by the simultaneous publication in Rome of balance sheets for 2013 of the Holy See, of Vatican City state, a separate entity, and of the Vatican bank, known officially as the Institute for Religious Works (IOR). The IOR moves money around the world to finance Catholic missions and provides banking services for the pope, clergy and religious orders. The Holy See, the administrative headquarters of the Church, ran up a deficit of 24.2m euros (£19.2m) last year. Read Full Article The post Vatican bank chief to step down amid restructure appeared first on Trunews:. ift.tt/eA8V8J ift.tt/1xPSnw0 #trunews #docburkhart
Posted on: Wed, 09 Jul 2014 03:37:27 +0000
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