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Resignations from the executive board

· Holy See Press Office communiqué ·

Paolo Cipriani, Director of the Vatican Bank, and Massimo Tulli, Deputy Director, have stepped down. This was announced Monday evening, 1 July, in a communiqué at the Holy See Press Office. The press release revealed that “after many years of service they have both decided that this move would be in the best interests of the Institute itself and of the Holy See”.

The Supervisory Council and the Commission of Cardinals “have accepted their resignations and have asked Ernst von Freyberg, President of the ior, to take over as ad interim Director General with immediate effect”. The Financial Information Authority has been informed and the Special Commission, appointed on 26 June, has taken note of the decision. Ernst von Freyberg will now be assisted by Rolando Marranci as Acting Deputy Director and Antonio Montaresi as Chief Risk Officer, i.e. responsible for compliance with financial regulations for special projects. Marranci was Chief Operating Officer at a well known Italian bank in London; Montaresi has worked as Chief Risk Officer and Chief Compliance Officer at various banks in the United States of America.

“On behalf of the Supervisory Council, I thank Mr Cipriani and Mr Tulli for their personal dedication over the years”, President von Freyberg stated. He also said that he was “pleased with the appointments of Rolando Marranci and Antonio Montaresi as excellent professionals”. Since 2010 the Institute for Works of Religion and its directors, he added, “have been seriously committed to bringing the structures and procedures into line with the international standards to counter money laundering. Although we appreciate the results achieved, it is clear today that we are in need of new leadership to accelerate the pace of this transformation process. The progress made is largely due to the constant support of the bodies of governance of the Institute and of its personnel”. For this reason the the Supervisory Council has initiated a selection procedure which aims to nominate a new Director General and a Deputy Director in the near future.

Finally the communiqué recalls that “last May, the Promontory Financial Group headed by 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) was made responsible by the President of the Supervisory Council for upgrading the Institute’s anti-money laundering measures in seven workflows, undertaking a forensic review and a control of client relations. Ernst von Freyberg, the document of the Holy See Press Office concludes, has also asked Elizabeth McCaul and Raffaele Cosimo, given their great competence and experience, to act as Senior Advisors for the management of the Institute.

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