VATICAN CITY
Wall Street Journal

New Board to Run Vatican Bank as Reform Push Continues

By LIAM MOLONEY
July 8, 2014

ROME—The Catholic Church moved on Tuesday to deepen reform of the Vatican bank by replacing its board as the bank reported a nose dive in profit during 2013.

The Holy See decided to appoint a new board of superintendence under a plan to create simpler and more efficient structures to serve the church and make financial scandals a thing of the past.

This is only the second time in its 127-year history that the bank, officially called the Institute for the Works of Religion, or IOR, has published its financial accounts and comes as part of Pope Francis ‘ push for greater transparency.

Net profit in 2013 fell to €2.87 million ($3.90 million) from €86.6 million the year before, the IOR said in a statement. In 2011,…