Pope Leo XIV Introduces Reform to Holy See's Investments
Last week, Pope Leo XIV introduced a significant reform to the financial architecture of the Holy See.
With the motu proprio Coniuncta Cura ("Shared Responsibility"), the Holy Father revoked the exclusive right of the Institute for Works of Religion (IOR) for investment management.
- The IOR, popularly known as the "Vatican Bank", no longer has the sole right to manage investments.
- The reform opens the door to the use of other foreign financial intermediaries if deemed more efficient or appropriate.
If there is a sum to be invested, it was previously done only through the IOR; but now it can also be done through the APSA [Administration of the Patrimony of the Apostolic See).
The new regulations aim to open the possibility of management to accredited financial intermediaries, rather than removing investments from the Vatican purview.
Author's summary: Pope Leo XIV introduces significant financial reform.
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