National Catholic Reporter

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Nunzio Scarano

Pope Francis confirms continuing existence of Vatican bank

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Pope Francis, accepting the recommendations of his international Council of Cardinals and other advisory groups, has decided the Vatican bank will continue to exist and has approved a plan to increase its transparency and accountability.

The Vatican press office issued a statement Monday saying the pope "has approved a proposal on the future" of the Institute for the Works of Religion, the formal title of the bank. The Vatican, however, did not release details of the proposal.

Vatican bank investigated cleric arrested again by Italian authorities

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Summarizing efforts made in 2013 to improve transparency and compliance with international standards for financial operations, the Vatican bank confirmed that it conducted a "detailed investigation" of the accounts held by a monsignor arrested by Italian police for the second time Tuesday.

Msgr. Nunzio Scarano was suspended in late May from his job as an accountant in the Vatican office overseeing property and investments. The Vatican suspended him when it learned that he was under criminal investigation in Italy.

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April 11-24, 2014

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