Institute for Works of Religion

Pope Francis' Promised Reforms Start to Take Shape with New Leaders for Vatican Bank

The Vatican on July 9, 2014 announced reforms to its bank. Creative Commons image by @Doug88888.

Pope Francis’ promised reforms of the Vatican bureaucracy are starting to take shape, with new leaders appointed to oversee the troubled Vatican bank and plans to overhaul the Catholic Church’s approach to global communications.

French businessman Jean-Baptiste de Franssu on Wednesday was named new president of the bank, formally known as the Institute for Works of Religion, replacing Ernst Von Freyberg, a German who has run the bank since February 2013.

Six new lay members, including Mary Ann Glendon, a former U.S. ambassador to the Holy See and Harvard law professor, will join the bank’s board.

Pope Francis Cleans House at the Vatican Bank

Photo courtesy cesc_assawin / Shutterstock.com.

Saint Peter's Square in Vatican City, Vatican. Photo courtesy cesc_assawin / Shutterstock.com.

Two top managers of the Vatican Bank resigned on Monday, just five days after Pope Francis appointed an independent commission to conduct a top-to-bottom review of the scandal-plagued bank.

The surprise resignation of the bank’s director general, Paolo Cipriani, and of his deputy, Massimo Tulli, follows the arrest of a senior Vatican official with close ties to the bank who was charged on Friday with attempting to smuggle 20 million euros into Italy from Switzerland.

Cipriani, 58, served as the bank’s director general since 2007 and will be replaced on an interim basis by the bank’s president, German financier Ernst von Freyberg, who was appointed last February in one of Pope Benedict XVI’s last official acts.

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