Pope Francis to consider closing Vatican bank

[Michie]

Pope Francis is to consider abolishing the Vatican Bank - which has been beset by a scandal over allegations of money-laundering - in a drive for greater transparency at the heart of the Catholic Church, according to a report by The Times in The Australian.

Archbishop Claudio Maria Celli, who has been tipped as a possible secretary of state, or "Vatican prime minister", said Francis would weigh up appeals made by two cardinals on the eve of his election for the bank - formally known as the Institute for Works of Religion (IOR) - to be scrapped.

He said the Pope would be guided by a desire for "transparency . . . and faithfulness to international laws or rules in this field", including those on money-laundering.

Continued- Pope Francis to consider closing Vatican bank - CathNews

 

[InnerPhyre]

Keep on truckin', Francis. I'm liking you more and more every day.

 

[MKJ]

Well, I can see that the money laundering thing could be an issue.

But if there is no Vatican bank, would that not mean they had to use some other bank? And are those institutions they would really be happy using? Their are a lot of ethical issues around banking and money.

It seems to me that a real, Catholic bank might be a better plan. One that really works on Catholic principles - though I suppose maybe such a think is not possible with our monetary systems.

 

[QuantaCura]

From what I understand, the Institute for the Works of Religion is basically an endowment whose surplus income is used to support charitable and religious activities and causes. It also makes it easier for the Church to take in resources from various places and then transfer them to other parts of the world where they are needed. I could be wrong, but I don't see that being completely abolished as too much good depends on it, even though it is also something that can be abused or exploited by unscrupulous folks. Re-organization and additional oversight, on the other hand, may be helpful in curbing the abuses.

 

[Sword of the Lord]

Dang, I REALLY like Pope Francis.

 

[Nietzscheiswrong]

Keep on truckin', Francis. I'm liking you more and more every day.

Next thing you know he'll reunite orthodoxy and catholicism

 

[InnerPhyre]

Next thing you know he'll reunite orthodoxy and catholicism

It is within his power to do so.

 

[MKJ]

It is within his power to do so.

I don't know. Would the bishops and laity follow him if he did? I have my doubts that a majority would - I think there is a very good chance it would simply produce another schism.

 

[Tigg]

Keep on truckin', Francis. I'm liking you more and more every day.

 

[InnerPhyre]

I don't know. Would the bishops and laity follow him if he did? I have my doubts that a majority would - I think there is a very good chance it would simply produce another schism.

I suppose that is a topic for another thread

 

[Michie]

A former top aide to Pope Francis said yesterday that a little-known aspect of his record as the archbishop of Buenos Aires lends credence to speculation that sooner or later, he may shut down the Vatican Bank.

On Tuesday, the Reuters news agency quoted two Vatican officials anonymously who said that closing the bank, formally known as the “Institute for the Works of Religion,” is an option Francis might consider.

Former aide says Pope Francis may close Vatican Bank...

 

[Michie]

A former top aide to Pope Francis said yesterday that a little-known aspect of his record as the archbishop of Buenos Aires lends credence to speculation that sooner or later, he may shut down the Vatican Bank.

On Tuesday, the Reuters news agency quoted two Vatican officials anonymously who said that closing the bank, formally known as the “Institute for the Works of Religion,” is an option Francis might consider.

Former aide says Pope Francis may close Vatican Bank...

 

[Cosmic Charlie]

Well, I can see that the money laundering thing could be an issue.

But if there is no Vatican bank, would that not mean they had to use some other bank? And are those institutions they would really be happy using? Their are a lot of ethical issues around banking and money.

It seems to me that a real, Catholic bank might be a better plan. One that really works on Catholic principles - though I suppose maybe such a think is not possible with our monetary systems.

The Vatican bank was involved in 3 major scandal under JPII and got caught holding the bag in one so badly that JPII refused to tell anyone exactly how much the Vatican lost.

(I still remember JPII putting out the announcement that the Vatican Banks financial standing "had improved to the point that worldwide missions work are no longer in danger of not being funded" - That's a frighten statement to think about )

The Vatican Bank is a net loser - lets just dump, I'm with the Pope on this

 

[QuantaCura]

This is a tough question. The points made by "defenders" in the article are good ones. Those functions are very valuable to the Church's ministry and independence and are not easily replaced, especially in situations where places becomes more hostile to the Church, as has happened in the past and which may happen again. The negatives are the potential for abuse, potential that has been realized on multiple occasions.

 

[mark46]

Folks would schism because the Orthodox and Roman Catholic Church game to a joint understand on what it means that the Patriarch of Rome is first among equals? How would folks in the US be affected in any major way? No one would be taking away any of our bishops, Catholic or Orthodox.

The Catholic and Orthodox have been having discussions for decades. The only really substantial difference is over the role of the Patriarch of Rome. The Orthodox do not accept the model of monarchy, with absolute hierarchical power. Discussion continue.

I agree that many may lead the one, holy, Catholic and apostolic Church. IMHO, millions more will come home to the universal Church.

I don't know. Would the bishops and laity follow him if he did? I have my doubts that a majority would - I think there is a very good chance it would simply produce another schism.

 

[Michie]

Amid widespread speculation about a complete and quick reorganization of Vatican departments and rumors in the Italian media that Pope Francis was going to close the Vatican bank, a top Vatican official told everyone to calm down. "It's a bit strange; the pope still has not met the group of advisers he chose and already the advice is raining down,"

Vatican official says curia reform needs time, dismisses rumors of Vatican Bank shutdown...

 

[Kaitlyn]

Pray for Pope Francis because he needs all the support he can get. His idealism is commendable but I am sure this is going to put him in direct conflict with many. However Our Lord had no purse and He was in direct conflict from his first breath. If not close the bank at least a complete change of management and practise would be warranted.

 

[Azureknight 773]

Next thing you know he'll reunite orthodoxy and catholicism

May that come since he said :

[[MY BROTHER ANDREW]] to the Patriarch of Constantinople.

Orthodox and Catholic Breakthrough? Pope Francis Embraces 'My Brother Andrew' - International - Catholic Online

 

[gurneyhalleck1]

It's just as well I suppose. The Vatican Bank's interest rates were awful, they don't have a free checking account, and they take forever to give out a pin number. They had too many cardinals with hedge funds also.

 

[Michie]

Well I'm not holding my breath.