Vatican Bank director fired as probe deepens

According to a Vatican statement, the Vatican Bank's board of directors said Ettore Gotti Tedeschi had failed to “carry out duties of primary importance” and unanimously passed a no-confidence vote against him. Tedeschi had served as the director since 2009. Vatican sources, however, did not identify the charge. A statement said that members of the board believed Tedeschi's dismissal was needed to "maintain the vitality of the bank."

In 2010 Italian police launched an investigation against Tedeschi, an economist, as part of a money-laundering inquiry.

The bank board will now look for a new director, as it seeks to patch up its relations with international financial institutions, "based on mutual respect for accepted international banking standards."

Meanwhile, Tedeschi (62) told journalists: "I'd rather say nothing, otherwise I'd say ugly things."

Tedeschi's departure came as Moneyval, the Council of Europe body that counters money laundering, prepares to rule in July whether the Vatican meets international standards on financial transactions. Memos leaked earlier this year suggest there are serious differences among Vatican officials over how far to go in ensuring financial transparency, according to media reports. Vatican authorities are conducting an in-depth investigation to determine the source of the leaks.

The Vatican Bank, known officially as the Institute for Religious Works (IOR), was created during the Second World War. It administers accounts held by religious orders, cardinals, bishops and priests. 



Spero News editor Martin Barillas is a former US diplomat, who also worked as a democracy advocate and election observer in Latin America. He is also a freelance translator.

Comments

National Guardsman answered Allah's call to fight for Islamic State

Spc Hasan Edmonds of Illinois, and cousin Jonas Edmonds, were arrested on plans to join Islamic State terrorists in Libya. The FBI worries that more Americans will follow as IS spreads.

Catholic bishops intimidate priests in England and Wales

Nearly 500 priests in England and Wales signed an open letter demanding their bishops' adherence to Catholic doctrine on traditional marriage, in advance of october 2015 Vatican synod on family.

New audio of deadly arrest of college student

Family says autopsy shows drunk student was shot in the back by police officer.

European airlines switch to two-man rule following Germanwings crash

Thomas Cook, Virgin Air, EasyJet and Norwegian declared that they are switching procedures to require two persons at all times in jetliner cockpits. This follows post-911 procedure for U.S. airlines.

Book review: My Battle Against Hitler

Dietrich von Hildebrand was a German theologian who resisted Germany's National Socialism.

This page took 0.1318seconds to load