Pope Francis appoints new director general of Vatican Bank

November 24, 2015 | posted by Zenit News Agency

Topics: News Updates from Rome

Pope Francis appoints new director general of Vatican Bank

During brief visit to IOR, pontiff announces Dr. Gian Franco Mammi would be bank's director

Pope Francis has visited the Institute for the Works of Religion (IOR), also known as the Vatican Bank, and appointed Dr. Gian Franco Mammi its new director general.

According to a statement from the Holy See Press Office, the pontiff met with the Board of Superintendence for about 20 minutes this morning, at which time he announced he was appointing then vice-director, Dr. Mammi, to be the institute's new director general. Until a new vice-director is nominated, Dr. Mammi will be assisted for the time being by Dr. Giulio Mattietti.

According to its website, the IOR was founded on June 27, 1942, by Papal Decree, and strives "to serve the global mission of the Catholic Church by protecting and growing the assets of and providing worldwide payment services to the Holy See and related entities, religious orders, other Catholic institutions, clergy, employees of the Holy See and the accredited diplomatic corps." Regulated by the "Autorita di Informazione Finanziari" (AIF), the financial supervisory body for the Vatican City State, the IOR is situated exclusively on the sovereign territory of the Vatican State. Its purpose is set by its statute, which was amended by Pope John Paul II in 1990, and related by-laws, and is to provide for the custody and administration of goods transferred or entrusted to the Institute by physical or juridical persons, designated for religious works or charity. The IOR can accept deposits of assets from entities or persons of the Holy See and of the Vatican City State.

Pope Francis, along with his predecessor, have been working toward increased transparency within the Vatican's financial structures and matters, which can be evidenced by Francis' creation of the Secretariat of the Economy, headed by prefect Australian Cardinal George Pell. (D.C.L.)