Pope Leo rolls back one of his predecessor’s more questionable reforms
Pope Leo removes power from the Vatican Bank
- Pope Leo XIV has reversed a 2022 law that had centralised the management of the Holy See’s assets exclusively with the Vatican bank, the Institute of Religious Works (IOR).
- The new legislation allows the Holy See to utilise non-Vatican banks if deemed more efficient or convenient by its investment committee.
- This move is seen as a clear indication that Leo is recalibrating power within the Vatican and correcting questionable financial reforms made by his predecessor, Pope Francis.
- It follows another recent action where Leo removed Monsignor Roberto Campisi, an administrator close to Francis, from the Secretariat of State and reassigned him to Paris.
- The announcement of the new law coincided with Pope Leo's meeting with the Knights of Columbus, a significant US Catholic charitable organisation and major donor to the Holy See.