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Pope
Leo issues new motu proprio concerning Holy See investments
In a new
Apostlic Letter issued “motu proprio,” Pope Leo XIV provides new guidance on
the financial investment activities of the Holy See.
By
Vatican News
Pope Leo
XIV has issued a new Apostolic Letter “motu proprio” confirming specific
recommendations approved by the Council for the Economy concerning the
financial investment activities of the Holy See.
The
new motu proprio, with the incipit “Coniuncta cura”,
highlights the principle of “co-responsibility in communio” as
requiring the consolidation of various provisions that have arisen over time,
as well as the clear definition of “the roles and responsibilities” of the
various institutions of the Holy See, “enabling everyone to converge in a
dynamic of mutual collaboration.”
Issued
after careful evaluation of the Council’s recommendation and consultation with
experts, the new Apostolic Letter repeals an earlier rescript “on the
administration and management of the financial activities and liquidity of the
Holy See and of the institutions connected with the Holy See," dated August 23, 2022.
The
repealed rescript provided that the Institute for the Works of Religion
(IOR, sometimes referred to as the Vatican Bank) had exclusive competence
over asset management and was the custodian of all the movable assets of the
Holy See and of its associated institutions.
It
therefore stipulated that all institutions of the Holy See that held financial
assets with financial institutions other than the IOR must inform the IOR and
transfer them to the Vatican Bank as soon as possible.
"Coniuncta
cura" establishes that “financial investment activities of the Holy
See, which are dedicated to its own use and carried out in accordance with art.
219 of the Apostolic Constitution Praedicate Evangelium, must
adhere to the provisions established by the Investment Committee, in compliance
with the approved Investment Policy."
It further
establishes that financial investment activities of the Holy See are generally
undertaken by the Administration of the Patrimony of the Apostolic See (APSA)
through the Institute for the Works of Religion, “unless the competent bodies,
as established by the statutes of the Investment Committee, deem it more
efficient or convenient to use financial intermediaries established in other
countries.”
The
new motu proprio takes effect on Monday, 6 October 2025, the
day of its official promulgation by publication in L’Osservatore Romano.
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