Vatican names German lawyer as head of its bank

February 15, 2013 - The Vatican on Friday appointed German lawyer Ernst von Freyberg to be the new president of its bank, filling a post left vacant since May when the previous head, Ettore Gotti Tedeschi, an Italian, was ousted by its board. The Commission of Cardinals for the bank, which is officially known as the Institute for Works of Religion (IOR), appointed the 54 year old German as a new President of IOR’s Supervisory Board. The Vatican has been making efforts in trying to bring its bank in line with international standards on financial transparency and the fight against funding terrorism. A Vatican statement said Freyberg bring with him "a vast experience of financial matters and the financial regulatory process." The Vatican said the decision is the result of extensive evaluation and a series of interviews that the five member Commission of Cardinals has conducted, with the constant support of the Supervisory Board. Vatican spokesman Fr Federico Lombardi told journalists on Friday that the “painstaking and detailed process lasted some months”, making it possible to assess around 40 candidates “of professional and moral excellence”, with assistance from Spencer and Stuart, a Frankfurt based management consultancy firm. Like Gotti Tedeschi, the new bank chief is a devout Catholic. Fr. Lombardi said Freyberg was not a personal friend of Pope Benedict XVI.