Troubled Vatican bank names consultant as manager


By NICOLE WINFIELD / Associated Press / November 30, 2013

VATICAN CITY (AP) — The troubled Vatican bank announced its new top manager Saturday, promoting an outside consultant who had stepped in when the bank’s top two managers resigned amid scandal last summer.

Rolando Marranci had worked for Promontory Financial Group advising the Institute for Religious Works on cleaning up its accounts when he was named acting deputy director July 1. The bank’s senior managers, Paolo Ciprianni and Massimo Tulli, had been forced out after a Vatican accountant with close ties to the bank was arrested for trying to bring 20 million euros ($26 million) into Italy from Switzerland without declaring it at customs.

At the time of the ouster, the bank’s president, Ernst Von Freyberg, was named acting director while he continued on as president and board member, a seeming conflict of interest that appears to be resolved now that Marranci has taken over day-to-day operations of the institute.

Von Freyberg remains on as president.

Marranci’s appointment was announced Saturday, days before the Vatican is due to be evaluated by the Council of Europe’s Moneyval committee on its progress complying with international norms to fight money laundering and terror financing.

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