President of Vatican Bank:
Reforms have completely renewed the IOR
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| A file photo of the Vatican Bank (Vatican Media) |
Italy’s national business daily, “Il Sole 24 Ore”, publishes
a wide-ranging interview with the President of the Institute for the Works of
Religion (IOR), or the Vatican Bank.
By Vatican News
Jean-Baptiste Douville de Franssu has been President of the
Institute for the Works of Religion, or the Vatican Bank, since July 2014. This
is his first interview since being appointed.
Reform of IOR
Together with the Director General of the IOR, Gian Franco
Mammì, and under the supervision of the Commission of Cardinals, De Franssu has
been carrying forward the reform of the Institute, as requested by Pope
Francis: reforms that have brought the Institute into conformity with
international norms and practices.
Vatican investigation
In the interview, the President of the IOR speaks about the
recent investigation by the Vatican Judiciary that led to the suspension of
four employees of the Secretariat of State and the Director of the Financial
Intelligence Authority (FIA), even though the interview was agreed upon before
the case broke.
He explains that the investigation is not the result of
internal tensions, but simply the action of public officials applying the law,
and complying with their obligation to report anomalies found during daily
operations. The President also specifies how "there is no attack on the
FIA, nor even on the Secretariat of State”. No individuals or offices are under
accusation, he says. The report was made against unknown persons for the
protection of the institutions. The judiciary is currently investigating. “An
element that must be taken for granted”, he adds, is that “presumption of
innocence always applies".
Renewal of IOR
Commenting on the IOR's membership of the SEPA circuit
(Single Euro Payments Area), de Franssu explains: "Today's IOR is
completely renewed compared to just a few years ago, in terms of governance,
internal controls, professional expertise available and services provided to
customers. The results are satisfactory and today's objective is to continue,
refine and perfect what has been done, especially for the benefit of customers.
The reform, understood as constant improvement, continues. The direction of
transparency and legality is never abandoned, never. And the customer is fully
protected by our work".
Mission of IOR
Responding to a question about the mission of the Institute
for the Works of Religion, the President explains: "The mission remains
that of being at the service of the Church throughout the world. Let us not
forget that today, with a single headquarters and a staff of just over 100
people, the IOR reaches 112 countries and that often, in geopolitically
critical areas, lacking reliable and efficient financial services, it is the
only reference for the Congregations that operate on the territory".
The work of the IOR
De Franssu denies any intention of changing the name of the
IOR, and explains why religious Congregations can entrust the management of
their savings to the Institute: first of all because “we respect the principles
of the Catholic faith and the Social Doctrine of the Church”.
Secondly, “because our earnings (for 2018 profit of 17.5
million, ed.) go to the pastoral work of the Pope. It is therefore useful to
reiterate that when a Congregation, or a client, works with the IOR, it makes a
direct and concrete financial contribution to the work of the Holy Father and
not to the exclusively economic logic typical of a bank”.
The President of the IOR concludes with a reference to the
quality of Bank’s services, to its very low costs and to the ethical grids of
its investments, saying they are “ever more accurate and complete to guarantee
maximum adherence to ethical and Catholic principles".
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