Pope Francis has ordered that the Holy See and connected entities move all financial assets to the Institute for Works of Religion (IOR), commonly known as the Vatican bank.
The order was confirmed on 23 August.
According to a report in the Catholic News Agency, financial and liquid assets held in banks other than the IOR must be moved to the Vatican bank within 30 days of September 1, 2022.
A number of entities are affected, including the Holy See Secretariat of State, which currently banks with Swiss financial institutions.
The IOR, based in Vatican City State, has 110 employees and 14,519 clients. As of 2021, it looked after 5.2 billion euros ($5.6 billion) of client assets.
According to ‘The Pillar Catholic‘, Francis’ change could have a dramatic impact on financial accountability in the Vatican, and bring nearly all curial financial affairs under international oversight.
‘The [Vatican] bank is now widely held to be the most transparent and credible financial institution the Vatican has — in large part because it is subject to international standards and inspections by financial watchdogs,’ said The Pillar Catholic.