Skip to content

Pope Leo XIV allows outside banks to manage Holy See investments

Pope Leo XIV waves from the popemobile at the crowds gathered in St. Peter’s Square for Mass on Pentecost Sunday on June 8, 2025. | Credit: Daniel Ibanez/EWTN

Pope Leo XIV has permitted the Holy See’s main financial body to use financial institutions outside the Vatican for its investment activities, reversing Pope Francis’ 2022 instruction to move all funds to the so-called Vatican bank.

In the legal order, published Monday, Leo said the Vatican’s asset management body, the Administration of the Patrimony of the Apostolic See (APSA), should generally use the Institute for the Works of Religion (IOR) — better known as the Vatican bank — for its investment activities, unless the competent bodies “deem it more efficient or convenient to use financial intermediaries established in other countries.”

The pope said he consulted experts and evaluated recommendations from the Council for the Economy for the rescript, called Coniuncta Cura(“Shared Responsibility”).

Pope Francis in August 2022 had ordered the Holy See and connected entities to move all financial assets out of other banks and solely into the IOR in the wake of controversy over investments by the Secretariat of State.

The papal rescript was Francis’ interpretation of Article 219, paragraph 3 of Praedicate Evangelium, the constitution of the Roman Curia promulgated in March 2022, which says “the execution [of APSA’s management of real estate and moveable assets] is carried out through the Institute for the Works of Religion.”

In Leo’s rescript, which repeals his predecessor’s, the investment activities must also conform to policies from the Vatican’s investment oversight committee, established in 2022 and chaired by Cardinal Kevin Farrell.

“Co-responsibility in communio is one of the principles of service of the Roman Curia, as desired by Pope Francis and established in the apostolic constitution Praedicate Evangelium of March 19, 2022,” the pontiff wrote.

“This shared responsibility, which also concerns the curial institutions responsible for the Holy See’s financial investment activities, requires that existing provisions be consolidated and the roles and responsibilities of each institution be clearly defined, enabling everyone to converge in a dynamic of mutual collaboration,” he said. 

This article was originally published by CNA.

Receive the most important news from EWTN Vatican via WhatsApp. It has become increasingly difficult to see Catholic news on social media. Subscribe to our free channel today

Share

Would you like to receive the latest updates on the Pope and the Vatican

Receive articles and updates from our EWTN Newsletter.

More news related to this article

Pope Francis Prays For Cyclone Chido Victims In France’s Poorest Overseas Territory

Pope Francis on Wednesday prayed especially for Cyclone Chido victims in the French territory of Mayotte during his weekly general audience.

Pope Francis recounts Christmas according to St. Francis de Sales

It is called “Everything Belongs to Love,” Pope Francis’ new apostolic letter dedicated to St. Francis de Sales

The Dedication of the Lateran Basilica: a Constantinian Turning Point

The Feast of the Dedication of the Lateran Basilica is a solemnity that finds its historical roots in the first half of the 4th century: the end of the harsh persecutions of Christians and the Constantinian Advent.

Explore Rome’s Major Papal Basilicas with EWTN Travel App: A Pilgrim’s Guide for the Jubilee Year 2025

The Jubilee Year 2025 is approaching, with over 30 million pilgrims expected in Rome. To assist them, the EWTN Vatican Bureau created the EWTN Travel Jubilee App, guiding visitors through Rome's hidden treasures

Pope Francis: More needs to be done to restore dignity to organized crime victims

Pope Francis on Thursday called on participants of the Conference on the Social Use of Assets Confiscated from the Mafia to work toward recovering the well-being — not just the assets — of victims and communities wounded by organized crime.

Pope Francis Names Polish Priest As New Bishop For Western Australia Diocese

Pope Francis has appointed Father George Kolodziej, SDS, as the new bishop of a vast diocese in Western Australia, the Vatican announced Monday.

LIVE
FROM THE VATICAN

Be present live on EWTNit