Leo Removes Vatican Bank Exclusivity on Investments

Vatican city: Pope Leo XIV has rewritten the rules on the Holy See’s financial investments in his first “motu proprio” Apostolic Letter. This document, published on Monday, repeals a 2022 instruction passed under his predecessor Pope Francis, which had given the Vatican Bank, also known as the Institute for the Works of Religion (IOR), exclusive competence over asset management.

According to Ansa News Agency, the new law-setting “motu proprio,” titled “Coniuncta cura,” states that the Administration of the Patrimony of the Apostolic See (APSA) should generally continue to act through the Vatican Bank for investments. However, it introduces flexibility by allowing the APSA to involve financial bodies and intermediaries from outside the Vatican if this is deemed more efficient or appropriate. This shift marks a significant change in how the Vatican can manage its financial assets, potentially opening up new avenues for investments.