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Pope scraps allowance for Vatican Bank cardinals

Latest break with tradition to see a 'poor church'

19 April, 17:51
Pope scraps allowance for Vatican Bank cardinals (ANSA) - Vatican City, April 19 - Pope Francis made another break with tradition on Friday by cancelling the allowance normally paid to members of the oversight commission of cardinals of the controversial Vatican Bank, sources told ANSA.

Consequently the five cardinals in question will go without the stipend of 25,000 euros a year in keeping with the new Argentinian pontiff's determination to pastor "a poor Church for the poor". The Vatican Bank, officially known as the Institute for Works of Religion (IOR), has come under scrutiny for alleged money laundering and is now working with the Council of Europe's Moneyval agency to bring it in line with international standards.

A progress report is expected in December.

Pope Francis was elected by a conclave of cardinals to replace Benedict XVI on March 13 after the latter abdicated in February due to diminishing physical and mental strength. Sources said Thursday the pope was scrapping customary "new pope" bonuses for Vatican staff.