The Institute for Religious Works, or ‘Vatican Bank’.  Pope Francis approved a proposal Monday on the future of the Institute for Religious Works, commonly known as the “Vatican bank,” affirming its importance for the good of the Church.

“The IOR will continue to serve with prudence and provide specialized financial services to the Catholic Church worldwide,” read a statement from the Holy See press office released April 7.

“The valuable services that can be offered by the Institute assist the Holy Father in his mission as universal pastor and also aid those institutions and individuals who collaborate with him in his ministry.”

The proposal has not been detailed, but seems to deal with the insertion of the Vatican bank among the wider reform of the Holy See’s financial departments.

It was developed by the organizations charged with oversight and reform at the Vatican bank, and was presented by Cardinal George Pell, prefect of the Secretariat for the Economy, with the permission of Cardinal Santos Abril y Castello, president of the Vatican bank’s cardinal commission.

The Secretariat for the Economy, established Feb. 24, should have a prime role to play in the reformation of Vatican finances, including the Vatican bank.

“With the confirmation of the IOR’s mission and at the request of Cardinal-Prefect Pell, the President of the Board of Superintendence, Ernst von Freyberg, and the management of the IOR, will finalize their plan to ensure that the IOR can fulfil its mission as part of the new financial structures of the Holy See/Vatican City State,” the press office announced.

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