Pope Francis is satisfied with the success of reforms he has implemented in regard to the Vatican Bank and, as a result, the Bank may remain open:
The decision, announced yesterday, follows a breakneck transparency drive at the bank, known by its Italian initials IOR (Istituto per le Opere di Religione), which has been accused in the past of offering banking services to mob bosses and tax dodgers.
Consultants have been brought in to comb through customer lists and dozens of accounts have been shut down in recent months after years in which lay customers with tenuous connections to the Vatican were allowed to open accounts alongside priests and cardinals.
The announcement ends months of uncertainty over the bank’s future after Pope Francis said last July: “I don’t know what will become of the bank. Some say it is better that is a bank, others that it should be a charitable fund and others say close it.” Francis has also remarked that “St. Paul did not have a bank account.” Continue Reading