President of the Vatican's Bank, Ettore Gotti Tedeschi, Ousted by Board

Rome Reports
May 24, 2012

http://www.romereports.com/palio/president-of-the-vaticans-bank-ettore-gotti-tedeschi-ousted-by-board-english-6882.html

[with video]

The president of the Vatican's Bank, Ettore Gotti Tedeschi, reportedly resigned on Thursday, before the IOR board (Institute for Works of Religion) issued a no confidence vote against him. The Vatican released a statement on the matter, which states that the now former president, “failed to meet some highly important functions.”

At this point, the Vatican is not commenting on any specifics, but it did highlight what type of president it will look for in the near future.

“The council is looking for an excellent new president to help the Institute promote effective and comprehensive relations between the Institute and the financial community, based on mutual respect for internationally accepted banking standards.”

Until a new president is selected, the institute will be headed by Ronaldo Hermann Schmitz, a German banker who currently serves as the institute's vice president.

Ettore Gotti Tedeschi presided the IOR, since September 2003. This bank is unique because its profits go to charity and its customers are dioceses, religious orders, Vatican departments and employees.