Pope Francis opts to keep scandal-plagued Vatican bank alive
http://www.latimes.com/world/worldnow/la-fg-wn-pope-francis-vatican-bank-20140407,0,4278220.story
Pope Francis meets with congregants as he visits San Gregorio Parish in Rome on Sunday.
Pope Francis opts to keep scandal-plagued Vatican bank alive
By Tom Kington This post has been corrected, as indicated below.
April 7, 2014, 8:51 a.m.
ROME -- Pope Francis has given his backing to the Vaticans scandal-ridden bank, Vatican officials said Monday, quashing months of speculation that he might close it down as part of wide-ranging reforms at the Holy See.
In a statement, the Vatican said the bank will continue to serve with prudence and provide specialized financial services to the (Roman} Catholic Church worldwide.
Set up in 1942 to offer accounts to priests, nuns, religious orders and Vatican employees, the bank has been embroiled in a series of scandals over alleged money-laundering and tax-dodging.
Francis, who has called for a poor church that eschews wealth and luxury and who once declared that St. Peter did not have a bank account, said in July that he was undecided what to do with the bank, which is known by its Italian acronym, the IOR.