IOR Director and Deputy Director resign

Vatican City, 02 July 2013: Paolo Cipriani, director of the IOR, or “Vatican Bank,” resigned on Monday, along with his deputy, Massimo Tulli, ‘in the best interest of the institute and the Holy See’, according to a Vatican statement on Monday.

The Vatican Bank, officially known as the Institute for Religious Works, or IOR, has begun the process of finding permanent replacements to fill the positions.

Meanwhile, Ernst von Freyberg, who was appointed president of IOR's supervisory board in February as part of the group's reform, has been appointed interim director, and his interim deputy will be Rolando Marranci.

“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.”

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. Source: VR Sedoc