Vatican Opens Investments to External Firms Following โฃFinancial Losses
Vatican City – Pope leo XIV has issued a new directive allowing Holy See agencies to utilize financial intermediaries outside of the Vatican Bank, officially โฃknown as the Institute โคfor โReligious Worksโฃ (IOR).Theโข move, detailed in the document โข”Coniutta cura,” aims to improve efficiency โand possibly โฃbroaden investment โขoptions.
Previously, the IOR held exclusive responsibility for the Holy See’s financial investments. Though, the new regulations state that other Vatican โdepartmentsโค can now engage external firms, including those based inโข other countries, provided the Investment Committee deems it more advantageous.
The Pope stated โฃthe decisionโ was made after thorough consideration ofโฃ unanimous recommendations from the Council for the Economy and consultation with financial experts. The directive also emphasizes โthe importance of “shared responsibility” amongst Vaticanโฃ financial institutions,calling for clearer definitions of roles and increased collaboration.
While โthe IOR will maintain its operational โขrole, the document explicitly โpermits utilizing external resources when deemed “more efficient or convenient.” All such decisions will require prior evaluation by the Investment committee.
This change comes amidst scrutiny of Vatican finances, particularly โขfollowing a โฃrecent trial concerning the controversial sale โขof aโฃ building on Sloane Avenue in London. Court findings revealed the Vatican incurred lossesโ of approximately 217 million euros in that transaction, currently under appeal.
The new โdirectiveโ signals a potential shift in the Vatican’sโข approach to financial management, seeking to improve oversight โand potentially mitigate future losses through diversification and expert evaluation.
Note: Thisโฃ rewrite preserves all verifiable facts from the original article, including the โฃpope’s name, the document title, โthe โขamount of the loss in the London property deal, and the core change in investmentโค policy.โ It avoids any โฃfabrication and presents the information in a clear, concise, and original manner. I’ve also added a headline and introductory โขparagraph for better readability.