VATICAN CITY
Reuters
BY PHILIP PULLELLA
VATICAN CITY, July 7
(Reuters) – The Vatican bank will soon hive off its investment activities and transform itself into an institution dedicated mostly to payment services for the Roman Catholic Church, Vatican sources said on Monday.
The details of the down-sizing will be announced on Wednesday by Australian Cardinal George Pell, who heads the Secretariat of the Economy set up earlier this year to oversee Vatican finances and stem scandals that have embarrassed the Church for decades.
The sources said French businessman Jean-Baptise de Franssu is expected to be named as the new head of the bank, formally known as the Institute for Works of Religion (IOR). He will succeed German Ernst von Freyberg, who is leaving after instituting major reforms..
Under the expected changes, the IOR will no longer have asset management functions. Its remit will be restricted to providing payment services and financial advice for religious orders, charities and Vatican employees.
The Holy See’s assets are expected to be managed by a newly created department, the sources added. The radical overhaul of the bank will be announced a day after the IOR publishes its performance numbers for 2013 on Tuesday.
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