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| Pope Francis sets up commission to review Vatican bank | Pope Francis sets up commission to review Vatican bank |
| (about 4 hours later) | |
| A commission of inquiry has been set up by Pope Francis to review the activities of the Vatican bank, following recent scandals. | A commission of inquiry has been set up by Pope Francis to review the activities of the Vatican bank, following recent scandals. |
| Earlier this month, he named a trusted cleric to oversee the management of the bank, which is known officially as the Institute for Religious Works. | Earlier this month, he named a trusted cleric to oversee the management of the bank, which is known officially as the Institute for Religious Works. |
| The institution, one of the world's most secretive banks, has been beset by allegations of money-laundering. | The institution, one of the world's most secretive banks, has been beset by allegations of money-laundering. |
| It has 114 employees and $7.1bn (£4.6bn; 5.4bn euros) of assets. | It has 114 employees and $7.1bn (£4.6bn; 5.4bn euros) of assets. |
| The new commission is tasked with ensuring the bank operates in "harmony" with the mission of the Church. | The new commission is tasked with ensuring the bank operates in "harmony" with the mission of the Church. |
| It is made up of Mary Ann Glendon, a Harvard law professor, and four senior clerics: Italian cardinal Raffaele Farina, French cardinal Jean-Louis Tauran, Spanish bishop Juan Ignacio Arrieta Ochoa de Chinchetru and US cleric Monsignor Peter Bryan Wells. | It is made up of Mary Ann Glendon, a Harvard law professor, and four senior clerics: Italian cardinal Raffaele Farina, French cardinal Jean-Louis Tauran, Spanish bishop Juan Ignacio Arrieta Ochoa de Chinchetru and US cleric Monsignor Peter Bryan Wells. |
| On 15 June, the Pope appointed Monsignor Battista Mario Salvatore Ricca as the bank's interim prelate - effectively his representative at the institution. | On 15 June, the Pope appointed Monsignor Battista Mario Salvatore Ricca as the bank's interim prelate - effectively his representative at the institution. |
| In February, German lawyer Ernst von Freyberg was named the bank's new chairman, eight months after his predecessor was ousted amid a money-laundering inquiry. | In February, German lawyer Ernst von Freyberg was named the bank's new chairman, eight months after his predecessor was ousted amid a money-laundering inquiry. |
| His appointment was one of the last acts of Pope Francis's predecessor, Benedict XVI. | |
| Mr von Freyberg set about instituting checks on the bank's 19,000 accounts, which are mostly held by Vatican employees, charities, priests and nuns. | Mr von Freyberg set about instituting checks on the bank's 19,000 accounts, which are mostly held by Vatican employees, charities, priests and nuns. |