VATICAN CITY, MAY 25, 2012 (Zenit.org).- The Holy See press office announced yesterday that Ettore Gotti Tedeschi received a unanimous vote of no confidence as president of the Institute for Works of Religion (IOR). In a communique, the Holy See stated that due to the severity of the situation, the supervisory board recommended that Tedeschi cease his mandate as president and member of the board.
«The board members are saddened by the events which led to this vote of no confidence, but believe that this action is important in order to maintain the vitality of the institute», the statement read.
The communique also revealed a search was under way for a new president for the institute «who can assist the IOR to regain effective and wider relations between the institute and the financial community, based on the shared respect of accepted international banking standards».
«On Friday the Commission of Cardinals will assess the consequences of the motion taken by the board and decide on the most appropriate steps to be taken in the future», the Holy See said.
