Sabato, 20 Ottobre 2018

Pope Francis may apply Buenos Aires strategy on IOR


Buenos Aires, April 4 - Pope Francis may apply the
same strategy to resolving issues with the Vatican's Istituto
Opere di Religione (IOR) bank as he used in the past to
straightening out the finances of the Buenos Aires archdioceses,
according an Argentine Catholic Church spokesman.
The Italian press has also been increasingly speculating
the Pontiff may be planning to reorganize or even shut down the
The lender, which last year was found not to have been up
to scratch in terms of European anti-money laundering standards
by a regulating body, has often been criticized for lack of
transparency in past decades.
When he was Archbishop of Buenos Aires, Jorge Bergoglio
forced the local church to give up its shareholdings in local
lenders to ensure increased rigor in the way its accounts were
managed, Buenos Aires archdioceses spokesman Federico Wals told
When Jorge Bergoglio took over from his predecessor
Cardinal Antonio Quarracino in 1998, he had to deal with a
crisis situation involving lack of liquidity and possible
irregularities in relation to financial management.
The situation escalated into the arrest of Monsignor
Roberto Toledo, the private secretary of Quarracino, in the
context of the bankruptcy of Banco de Credito.
During his term the future Pope Francis carried out a
radical reform of the archdioceses' finances, relinquishing the
church's shareholdings in local lenders and turning to leading
international banks such as HSBC and UBS for the management of
the Catholic Church's funds.
The restructuring strategy may be in line with Pope
Francis' general call for a more austere and modest Catholic

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