8-July-2014 -- ZENIT.org News Agency |

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Cardinal Pell to Update Press on Holy See's New Economic Framework

Head of New Secretariat for the Economy Will Meet Media Tomorrow

VATICAN CITY, July 08, 2014 (Zenit.org) - Cardinal George Pell, who heads the Vatican's new Secretariat for the Economy, is to hold his first press conference tomorrow since his appointment to the position earlier this year.

The conference, whose theme will be the "New Economic Framework of the Holy See", is expected to reveal details of the second phase of reform of the Institute for the Works of Religion (IOR), commonly known as the 'Vatican Bank', and other relevant reforms.

Also present at the briefing will be Joseph F.X. Zahra, Deputy Coordinator of the Council for the Economy, Jean-Baptiste de Franssu, Member of the Council for the Economy, and Ernst von Freyberg, President of the Supervisory Council of the Institute for the Works of Religion.

Earlier today, the IOR announced that the second phase of its reform, comprising the integration of the IOR into the new economic-administrative landscape of the Vatican, will be entrusted to a new board and executive team, operating under a new governance structure.

"As set out in May 2013, we have focused on making the IOR compliant with financial regulation, safer and more transparent, so as to create options for the Holy Father to decide on the future of the Institute," said Ernst von Freyburg, president of the IOR's Board of Superintendence.

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On ZENIT's webpage:

IOR's Financial Statements for 2013: http://www.zenit.org/en/articles/ior-announces-financial-results-for-2013

On the NET:

See http://www.ior.va/Portals/0/Content/Media/PressReleases/Press%20Release_IOR_8_July-ENG.pdf

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