News

 

Toronto's Thomas Cardinal Collins named adviser to Pope

Collins appointed to Vatican bank commission

The Archbishop of Toronto has picked up a new job title.

Thomas Cardinal Collins has been named adviser to the Vatican bank. The appointment is part of a move by Pope Francis to clean house at the troubled body, turfing cardinals who oversaw the bank's most recent scandal.

Joining Collins on the commission are Francis' hand-picked secretary of state, Cardinal-elect Pietro Parolin, Francis' close friend Cardinal Santos Abril y Castello, and Christoph Cardinal Schoenborn, archbishop of Vienna.

Only one cardinal from the previous commission overseeing the bank's operations, Jean-Louis Cardinal Tauran, survived the cut.

The five-member Cardinal's Commission, as it is known, names the lay board of the Vatican bank and its top two general managers and makes sure they adhere to the bank's mission to administer money for works of charity.

Days after announcing his resignation last February, Pope Benedict XVI locked in existing commission members for another five years. Among them, Benedict's longtime deputy and secretary of state, Tarcisio Cardinal Bertone, who was widely blamed for many of the Vatican's administrative shortcomings during Benedict's papacy.

Francis has now essentially undone Benedict's decree, relieving Bertone and the other commission members of their jobs as he moves forward with his reform of the bank, formally known as the Institute for Religious Works.

Over the summer, Francis named a trusted friend, Monsignor Battista Ricca, to fill a vacant supervisory position and appointed an independent commission of inquiry to look into the bank's activities and legal status.

Those decisions were taken in the days surrounding the July 1 ouster of the bank's top two managers and the arrest of a Vatican accountant with several Vatican bank accounts on charges he plotted to smuggle 20 million euros ($26 million) into Italy from Switzerland. The accountant, dubbed "Monsignor 500" for the types of euro notes he purportedly favoured, is currently on trial in Rome on the smuggling charge and is also under investigation in his native Salerno, a city in southern Italy, in a money-laundering case involving his Vatican accounts.

Prior to that affair was the controversial 2012 ouster of the bank's then-president, Ettore Gotti Tedeschi. The board accused Gotti Tedeschi of incompetence and failing to do his job.

Leave a comment:

· Subscribe to comments
Be the first to comment here.

Your GTA

Sign Up For Breaking News Alerts

Becoming a member only takes 60 seconds! Members get access to exclusive information and products that non-members do not, including concert ticket presales, trips, advance notice on upcoming entertainment events, movie screening passes, music giveaways and more!

Login with Facebook

Stay connected 24/7! Receive breaking news and programming alerts right to your inbox. CLICK HERE to sign-up.

Today's Poll

Do you support giving Toronto Police more money in their budget, so they can immediately implement the 84 recommendations made in the report on how officers deal with people in crisis?

Voting is restricted to one vote every 24 hour(s) VoteResults

Top Stories

Facebook

Twitter