Pope Leo XIV has approved new rules that redistribute control over the Holy See’s financial investments, diluting the exclusive authority the Vatican Bank has held since 2022 and formalizing a shared model of oversight across church institutions.
In an apostolic letter reviewed by Bloomberg, the new pope set out a principle of “co-responsibility,” defining roles and responsibilities among the Holy See’s financial bodies “to enable everyone to converge in a dynamic of mutual collaboration.” The directive repeals a 2022 instruction that gave the Institute for Works of Religion (IOR), commonly known as the Vatican Bank, sole oversight over Vatican funds and custodianship of the Holy See’s movable assets.
Under the new framework, investment activity will be executed by the Administration of the Patrimony of the Apostolic See (APSA) through the Vatican Bank, but with flexibility. The competent bodies, as laid out in the statutes of the Investment Committee, may opt to use foreign financial intermediaries “if more efficient or convenient,” according to the letter.
The change comes as Vatican Bank continues a decade-long effort to repair its reputation following scandals and criminal probes tied to opaque practices and investment losses predating the current management, Bloomberg noted.
Since 2014, the bank has tightened controls, enhanced transparency, and reported steady profitability, including €32.8 million in profit in 2024 on €5.7 billion in deposits, according to figures published last June cited by the news agency.
In comments to Bloomberg, IOR president Jean-Baptiste Douville de Franssu and director general Gian Franco Mammì said Pope Leo XIV intends to continue the cleanup and professionalization drive launched under Pope Francis.
Read more at Bloomberg