VATICAN CITY
Montreal Gazette
By Nicole Winfield, The Associated Press February 13, 2013
VATICAN CITY – The Vatican says a new president of its embattled bank is expected to be announced within days.
The Institute for Religious Works, or IOR, has been without a leader since May, when its board ousted Italian banker Ettore Gotti Tedeschi for incompetence. It was a stunning move that came just as the Vatican was submitting its finances to a review by a Council of Europe committee in a bid to join the list of financially transparent countries.
Vatican spokesman the Rev. Federico Lombardi said Wednesday a new president would likely be named within the week.
The Vatican passed the Council of Europe Moneyval committee’s transparency test, but the IOR and the Vatican’s financial watchdog agency received failing grades. The new president will be tasked with bringing the IOR into compliance by Moneyval’s next review.
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