September 30: Pope Imposes Deadline for Vatican to Transfer Assets to Bank
September 21st, 2022Via: AP:
Pope Francis on Tuesday imposed an Oct. 1 deadline for all Holy See offices and Vatican-linked institutions to deposit their assets with the Vatican bank.
Francis’ decree follows his decision earlier this year to entrust management of all Vatican assets to one office — the patrimony office known as APSA — in a bid to end decades of mismanagement that culminated with a scandal over a 350 million-euro investment in a London property. Ten people, including former Vatican officials and external brokers, are on trial in the Vatican tribunal on finance-related charges related to the deal.
The Vatican’s economy ministry in July issued a new investment policy requiring all Vatican departments to transfer their assets and investments to APSA via its accounts at the Vatican bank, known as the Institute for Religious Works, or IOR. No specific deadline was given, but the decree published Tuesday says all assets must be transferred by Sept. 30.
The need for a new decree imposing a fixed deadline and stressing there were no exceptions to the regulation suggests some offices or institutions were hoping to keep external accounts or investments.
