Vatican Bank boss fired over alleged mismanagement
By David Kerr
Ettore Gotti Tedeschi, former president of the Vatican Bank.
Ettore Gotti Tedeschi, former president of the Vatican Bank.

.- The President of the Vatican Bank, Ettore Gotti Tedeschi, has been fired from his post following a vote of no-confidence by the bank's supervisory board.

“Over time this area had generated increasing worries among the members of the board and, despite repeated efforts to communicate these concerns to Professor Gotti Tedeschi, President of the Works of Religion, the situation deteriorated further,” read a communiqué issued by the Vatican May 25.

“Following discussion of the issues, the board members voted unanimously in favor of a motion expressing no confidence in the president for not having carried out various responsibilities of primary importance regarding his office.”

The exact nature of the alleged failures was not detailed in the communiqué.

“I am torn between the anxiety to explain the truth and not wanting to disturb the Holy Father,” Gotti Tedeschi told Italian news agency ANSA on May 25 following his departure.

“My love for the Pope also prevails above the defense of my reputation so cravenly called into question.”

Gotti Tedeschi, 67, had been head of the Vatican Bank, also known as the Institute for Works of Religion, since 2009. His appointment was widely seen as attempt by the Vatican to become more transparent in its financial dealings.

In July, the Council of Europe is expected to decide on the bid by the Vatican to be placed on the organization’s “White List” of countries adhering to their strict code of financial ethics.

Those efforts seemed to take a setback in 2010 when the Italian authorities temporarily seized $30 million from the Vatican Bank. It was alleged the bank had not complied with Italian laws requiring the disclosure of information about account holders and beneficiaries.

In response the Vatican created a Financial Information Authority in 2011 to scrutinize and police the financial and commercial dealings of all Vatican agencies, including the Vatican Bank.

In recent months, however, the Vatican has again been dogged by allegations of fraud following the leak of sensitive internal documents to the Italian press.

Gotti Tedeschi has had a long career in finance, having previously served as the head of Italian operations for Banco Santander, the largest private bank in Europe. He is also a former professor of financial ethics at the Catholic University of the Sacred Heart in Milan.

Following his departure the board of the Vatican Bank said it is now “now looking ahead to the search for a new and distinguished president” who can help the bank “regain effective and wider relations between the institute and the financial community based on the shared respect of accepted international banking standards.”

That search will begin today with a meeting of the Commission of Cardinals. In the interim, the presidency will be assumed by the bank’s vice-president Ronaldo Hermann Schmitz.

Tags: Vatican, Finance

Ads by AdsLiveMedia(What's this?)

* The number of messages that can be online is limited. CNA reserves the right to edit messages for content and tone. Comments and opinions expressed by users do not necessarily reflect the opinions or beliefs of CNA. CNA will not publish comments with abusive language, insults or links to other pages


Ads by Google (What's this?)

Featured Videos

3D Church mapping
3D Church mapping
#PAUSEforPeace Initiative
Dedicating art to San Juan de la Cruz
A state without territory elects new government
The renewal of the Legionaries of Christ
Presentation of the book "The Pastor"
Synod on the Family October 2014
Preferential option for the poor
God is alive, even in sport
'A forbidden God' named Best Film at the International Catholic Film Festival
Vatican backs a 'Pause for Peace' during World Cup final
The effects of religious violence in Sarajevo 
The origin of Corpus Christi 
Corpus Christi at the Vatican 
Homage to an Indian Cardinal
Train of the Child's Light
New book explaining gestures of the Mass
Encounter between Pope Francis and the Charismatic Renewal in the Spirit Movement.
Religious tensions subside amid Balkan floods
John Paul II Center for Studies on Marriage and Family

Liturgical Calendar

July 29, 2014

Saint Martha

All readings:
Today »
This year »

Catholic Daily

Gospel of the Day

Jn 11:19-27


Daily Readings

First Reading:: Jer 14: 17-22
Gospel:: Jn 11: 19-27

Saint of the Day

St. Martha »


Homily of the Day

Jn 11:19-27


Ads by AdsLiveMedia.com

Ads by AdsLiveMedia.com
Text only

Follow us: