.- The selection of a new director of the Institute for the Works of Religion (I.O.R.) was made public today by the Press Office of the Holy See. The new director general will be Mr. Paolo Cipriani who is replacing Mr. Lelio Scaletti.
The I.O.R. is more commonly known as the Vatican Bank which oversees the finances for the Vatican City State.
Following the above-mentioned appointment, Mr Lelio Scaletti, present Director General of the I.O.R., who has happily completed his eightieth year, will leave the operational running of the Institute on 1 October 2007; he will retain the title of Director General Emeritus and will continue to make his precious services available to the I.O.R..
At its last meeting, the Supervisory Council - whose Members are Professor Angelo Caloia (Italy), President; Mr. Virgil Dechant (U.S.A.); Dr. Robert Studer (Switzerland); Dr. Manuel Soto Serrano (Spain) and Dr. Ronaldo Hermann Schmitz (Germany) - expressed their warm gratitude to Mr Lelio Scaletti for his long and generous service, and then expressed their good wishes to Mr. Paolo Cipriani, new Director General, in his work.
Mr. Paolo Cipriani was born in Rome on 29 August 1954, he is married and has 2 children. Before entering the service of the I.O.R. he worked in the "Banco di Santo Spirito" and the "Banca di Roma", acting also as representative of these institutions in Luxembourg, New York and London.