IOR Director and Deputy Director resign. Communique' of the Press Office of the Holy
See
(Vatican Radio) President Ernst von Freyberg to assume General Director duties ad
interim – IOR-Directorate offers resignations – Promontory seconding top level executives
to fill the roles of Deputy Director and Chief Risk Officer
Vatican/Holy
See 1. July 2013 – IOR-Director Comm. Paolo Cipriani and Deputy Director Dott. Massimo
Tulli have offered their resignations from their current positions. After many years
of service both have decided that this decision would be in the best interest of the
Institute and the Holy See. The Oversight Council and the Commission of Cardinals
have accepted their resignations and asked President Ernst von Freyberg to assume
the functions of the General Director ad interim with immediate effect. The Vatican
regulator AIF has been informed accordingly. The Special Commission appointed on June
26 2013 has acknowledged the decision.
Ernst von Freyberg will be supported
by Rolando Marranci as acting Deputy Director and Antonio Montaresi in the newly created
position as acting Chief Risk Officer with the remit of overseeing compliance and
special projects. Previously Rolando Marranci served as Chief Operating Officer at
a leading Italian bank in London. Antonio Montaresi has served as Chief Risk and Chief
Compliance Officer with various banks in the US.
“In the name of the Oversight
Council I thank Mr. Cipriani and Mr. Tulli for their personal dedication over the
past years,” said President Ernst von Freyberg. “I welcome Rolando Marranci and Antonio
Montaresi as outstanding professionals,” he said. “Since 2010 the IOR and its management
have been working hard to bring structures and processes in line with international
standards for anti-money laundering. While we are grateful for what has been achieved,
it is clear today that we need new leadership to increase the pace of this transformation
process. Our progress is in no small measure due to the continued support from the
governing bodies of the Institute and its personnel.”
The Oversight Council
has also initiated a selection process with the aim of appointing a new General Director
and Deputy Director in the near future.
Elizabeth McCaul, Partner-in-charge
of the New York Office and Chief Executive Officer of Promontory Europe and Raffaele
Cosimo, Chief Operating Officer of Promontory Europe were mandated this past May
by the President of the Oversight Council to strengthen the Institute’s anti-money
laundering program in seven work streams including conducting a forensic review and
screening its client relationships. Mr von Freyberg has also asked Elizabeth McCaul
and Raffaele Cosimo to serve as Senior Advisors to support the management. Previously,
Ms. McCaul served as New York Superintendent of Banks and is considered a leader in
regulatory circles. Mr. Cosimo is an expert in bank governance and operations.
About
the IOR The “Istituto per le Opere di Religione” (IOR) is an institute founded
in 1942 by Papal Decree. The IOR’s purpose is to serve the Holy See and in the Catholic
Church throughout the world, as set out in its Statutes. The IOR safeguards the assets
of a clearly defined group of legal and natural persons that have an affiliation to
the Catholic Church defined by Canonical or Vatican Law. A Cardinals’ Commission,
a Prelate, an Oversight Council and a Directorate constitute the IOR’s corporate governance
structure. The IOR, which has 114 employees, is exclusively situated on the sovereign
territory of the Vatican City State.