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Vatican Bank's two top directors resign

Italian media says scandal over illegal $26m transfer is widening

  • Catholic News Agency
  • Vatican City
  • July 2, 2013
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Paolo Cipriani, director of the IOR, or “Vatican Bank,” resigned today, along with his deputy, Massimo Tulli, “in the best interest of the institute and the Holy See,” according to a Vatican statement.

The Vatican Bank, officially known as the Institute for Religious Works, or IOR, has begun the process of finding permanent replacements to fill the positions.

Meanwhile, Ernst von Freyberg, who was appointed president of IOR's supervisory board in February as part of the group's reform, has been appointed interim director, and his interim deputy will be Rolando Marranci.

Antonio Montaresi fills a newly-created position, chief risk officer, to oversee compliance and special projects.

Marranci has previously worked as Chief Operating Officer at an Italian bank in London, while Montaresi has been Chief Risk and Chief Compliance Officer with several U.S. banks.

“Since 2010 the IOR and its management have been working hard to bring structures and processes in line with international standards for anti-money laundering,” von Freyberg said in a July 1 communique from the Vatican press office.

“While we are grateful for what has been achieved, it is clear today that we need new leadership to increase the pace of this transformation process.”

“Our progress is in no small measure due to the continued support from the governing bodies of the Institute and its personnel,” he added.

The Italian media has connected the resignations with scandals surrounding the Vatican Bank, which has been working towards reform.

Cipriani had served as director of the organization since 2007, and in 2010, he was investigated by Italian officials for money laundering, along with IOR's then-president, Ettore Tedeschi. Prosecutors had seized some $30 million from a Vatican account at a Roman bank.

Though neither were charged, the Vatican quickly launched a reform of its banking policy, encouraging transparency.

Full Story: Vatican Bank director, deputy announce resignations 

Source: Catholic News Agency

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