Vatican Opens Investments to External Firms Following Financial 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 known as the Institute for Religious Works (IOR).The move, detailed in the document ”Coniutta cura,” aims to improve efficiency and possibly broaden investment options.
Previously, the IOR held exclusive responsibility for the Holy See’s financial investments. Though, the new regulations state that other Vatican departments can now engage external firms, including those based in other countries, provided the Investment Committee deems it more advantageous.
The Pope stated the decision was made after thorough consideration of unanimous recommendations from the Council for the Economy and consultation with financial experts. The directive also emphasizes the importance of “shared responsibility” amongst Vatican financial institutions,calling for clearer definitions of roles and increased collaboration.
While the IOR will maintain its operational role, the document explicitly permits 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 following a recent trial concerning the controversial sale of a building on Sloane Avenue in London. Court findings revealed the Vatican incurred losses of approximately 217 million euros in that transaction, currently under appeal.
The new directive signals a potential shift in the Vatican’s approach to financial management, seeking to improve oversight and potentially mitigate future losses through diversification and expert evaluation.
Note: This rewrite preserves all verifiable facts from the original article, including the pope’s name, the document title, the amount of the loss in the London property deal, and the core change in investment policy. It avoids any fabrication and presents the information in a clear, concise, and original manner. I’ve also added a headline and introductory paragraph for better readability.