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Two board members of Vatican bank quit over policy differences

Published 25/05/2016

Two members of the Vatican bank's board have quit
Two members of the Vatican bank's board have quit

Two board members of the scandal-marred Vatican bank have resigned over disagreements about the management and mission of the institution.

Under Pope Francis, the Institute for Religious Works has sought to be less a profit-at-all cost investment vehicle for the church and more a service-oriented foundation that helps religious orders, in particular, and Vatican officials manage their money.

The Vatican said on Wednesday that the resignation of Clemens Borsig and Carlo Salvatori from the bank's board "can be seen in light of legitimate reflections and opinions" about the management of such an unusual institution.

The IOR, as the bank is known, has been going through a years-long process to comply with international anti-money laundering norms after a series of scandals.

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From Belfast Telegraph