The Supervisory Commission of Cardinals on the Institute for the Works of Religion — popularly known as the Vatican Bank — met this morning in order to “draw up guidelines for their action,” the Vatican said in a statement.
The body will also “initially meet thrice yearly, notwithstanding special circumstances necessitating other meetings,” the Vatican said.
Benedict XVI set up the commission to restore the reputation of the Institute by overseeing reform of the organisation.
The cardinals’ commission must approve the overall strategy of the IOR including charity work as well as reviewing accounts. It acts as the de facto link between the Pope and the board of superintendence, consisting of five lay men from around the world.
Earlier this year, Pope Francis reshuffled most of the cardinals from the oversight body, replacing all but one of Benedict XVI’s appointments.
The new members were the Secretary of State, Cardinal Pietro Parolin and Francis’s close friend Cardinal Santos Abril y Castello. The other new members were Cardinal Christoph Schoenborn, Archbishop of Vienna and Cardinal Thomas Collins, Archbishop of Toronto. French Cardinal Jean-Louis Tauran was the only Benedict appointment on the commission kept by Pope Francis.