There could
be a number of explanations for why Ettore Gotti Tedeschi was asked to step
down as head of the Vatican bank. The Holy See, however, has remained
tight-lipped about the reasons.
The
Instituto per le Opere di Religione (English: The Institute for Works of
Religion), odd though it may seem, is a bank hiding behind that name. It is the
financial arm of the Vatican, the seat of the Roman Catholic Church. The
history of its predecessor institution dates back to the 19th century, and the
bank took on its present form and name in 1942.
Recent
decades have seen repeated rumors of the bank being caught up in dirty
dealings, and a new low point has come with the resignation of its head, Ettore
Gotti Tedeschi.
Despite
repeated disciplinary measures, Tedeschi (ironically, the name means 'the
German') "has not completed certain tasks of eminent importance," the
Vatican said but did not provide further details.
Gotti Tedeschi was asked to step down by the bank's board |
Now,
speculation is running high about what the real grounds for his dismissal could
be. Some Italian media sources suspect a connection to classified documents
leaked to the media by the Pope's butler, which include details on Vatican
finances. Earlier investigations into Tedeschi's potential violation of
anti-money laundering standards could also have played a role, although those
investigations were later halted.
Among the
world's "least transparent"
"It's
a very peculiar bank. A bank that manages billions, including real
estate," said Wolfgang Gehrke, a banking expert and head of the Bavarian
Finance Center, in an interview with DW.
"It's
a bank that is active in financial markets on the Vatican's behalf and that has
set itself apart as one of the least transparent banks in the world. So, of
course, when someone is being so untransparent, he also has to cope with every
possible kind of rumor," Gehrke added.
Italian
investigative journalist Gianluigi Nuzzi has also looked into the Vatican
bank's financial dealings. His book on the subject argues that the bank has
been involved in exercising undue political influence, in money laundering and
even murders and mafia affairs. Nuzzi's research suggests that ex-prime
minister Giulio Andreotti, who is alleged to have had mafia ties, also had a
secret account at the Vatican's bank - with transactions totalling more than 60
million euros ($75 million).
Giulio Andreotti may have had a secret Vatican bank account |
Cleaning up
too thoroughly?
"Out
of esteem for the Pope," Ettore Gotti Tedeschi, who has thus far enjoyed a
reputation as a competent and morally upright banker, has said he will not
respond to rebukes by the Vatican's board of directors.
"It's
better that I remain silent, otherwise I would say ugly things," he told
the Italian news agency Ansa. Having previously worked for Spain's Santander
Bank, Tedeschi was named head of the Vatican's bank in 2009 to help straighten
out the institution's affairs. It can also be speculated as to whether he did a
bit too much cleaning up and became an uncomfortable, or even dangerous
presence along the way.
"The
financial machinations of the Vatican that I discuss in my book took place
before the current Pope's term. However, there is a similarity between all
representatives of the Catholic Church, which Pope Benedict XVI also shares: A
mantle of silence is spread over everything. And along with it can come
blackmail, corruption and money laundering," said author Nuzzi two years
ago to the Hilpoltsteiner German daily.
But the
Vatican's current head has taken steps in the direction of reform, says bank
expert Gehrke.
"The
Pope has made sure that the bank is ready - which used not to be the case - to
subject itself to European standards on transparency. But that seems not to be
working out entirely. None of us knows exactly how things take place in this
bank and whether money laundering did in fact take place there," Gehrke
explained.
The Vatican's bank is housed within this building |
Among the
few with insight into those questions are the bank's board of directors as well
as the now expelled Ettore Gotti Tedeschi. Gehkre notes that the board contains
Curia members, "who absolutely have experience in capital markets."
"Vatileaks"
suspect arrested
A suspect
has been taken into custody following revelations made in documents leaked to
the media. Internet portal ilfoglio.it and news agency Ansa report that one of
the Pope's butlers, who has worked at the Vatican since 2006, made the
classified information available. The investigation is being led by the
Vatican's Gendarmerie police force.
It is safe
to assume that the Vatican will do all it can to prevent further internal
documents from getting into the media's hands - as they did when Renato
Dardozzi (1922-2003), one of Pope John Paul II's closest colleagues, led the
inheritors of his estate to publish information he had collected regarding the
Vatican's financial affairs. In turn, the information Dardozzi gathered formed
the basis for Gianluigi's book on the Vatican and its financial dealings.
Author: Tobias Oelmaier / gsw
Editor: Gregg Benzow
“…. Each project is underway and that will result in a sudden wealth of information reaching you. Events are such that the facts can no longer be kept hidden, and with that there will be an explosion of people coming forward to tell what they know. It may take longer where the Vatican is concerned, as it is akin to a secret society that has kept its dark secrets hidden well away. However, nothing will remain concealed for too long, as you are entitled to know the truth and the extent to which you have been deceived….”
Related Articles:
“…. Each project is underway and that will result in a sudden wealth of information reaching you. Events are such that the facts can no longer be kept hidden, and with that there will be an explosion of people coming forward to tell what they know. It may take longer where the Vatican is concerned, as it is akin to a secret society that has kept its dark secrets hidden well away. However, nothing will remain concealed for too long, as you are entitled to know the truth and the extent to which you have been deceived….”
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