Pope Leo XIV Rolls Back Francis-Era Finance Rule, Ends Vatican Bank’s Investment Monopoly

Overview

• In a Motu Proprio issued on October 6, the pope authorized Vatican departments, including APSA, to use foreign financial intermediaries when deemed more efficient or practical.
• The Institute for the Works of Religion no longer holds exclusive control over the Holy See’s asset management and liquidity, reversing a key 2022 directive.
• All entities remain bound by the investment policies set by the supervisory committee created under Pope Francis in 2022.
• The text does not specify which departments may move funds or how external counterparties will be selected, leaving operational details to future decisions.
• Pope Leo XIV has said the Vatican’s finances are not in the severe crisis some described, and analyst Ed Condon told AFP the move signals confidence in departments and no acute liquidity shortage.