Holy Father Approves Proposal on the Future of the Institute for the Works of Religion

Vatican: «IOR Will Continue to Serve With Prudence»

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According to a communique issued by the Vatican Press Office this morning, Pope Francis has approved a proposal regarding the future of the Institute for the Works of Religion (IOR). In doing so, the Pontiff reaffirmed “the importance of the IOR’s mission for the good of the Catholic Church, the Holy See, and the Vatican City State.”

“The IOR will continue to serve with prudence and provide specialized financial services to the Catholic Church worldwide,” the statement read.  It continued, “The valuable services that can be offered by the Institute assist the Holy Father in his mission as universal pastor and also aid those institutions and individuals who collaborate with him in his ministry.”

Representatives of the Pontifical Referring Commission to the IOR (CRIOR), the Pontifical Commission for Reference on the Organization of the Economic- Administrative Structure of the Holy See (COSEA), the IOR’s Commission of Cardinals and the IOR Board of Superintendence jointly developed the proposal and presented it to the Holy Father.

The proposal was created from information regarding the IOR’s legal status and operations which was collected by and presented to Pope Francis and his Council of Cardinals this February.

By confirming the mission of the IOR and the request of Cardinal Pell, Ernst von Freyberg, who is the president of the IOR Board of Superintendence, and the IOR’s management will “finalize the plan to ensure that the IOR can fulfill its mission as part of the new financial structures of the Holy See/Vatican City State.”

The statement went on to say that the plan will be presented to the Pontiff’s Council of Cardinals and the Council for the Economy. It also confirmed that the IOR’s activities “will continue to fall under the the regulatory supervision of the AIF ( Financial Information Authority), the competent authority of the Vatican City State.»

A comprehensive legal and institutional framework has been introduced to regulate the Holy See and Vatican City State’s financial activities in order to be compliant with different regulations on transparency, supervision and financial information. (D.C.L.)

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