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Friday, May 25, 2012


Vatican City, 25 May 2012 (VIS) - Yesterday afternoon the Holy See Press Office published a communique concerning the Institute for Works of Religion (IOR), the text of which is given below:

"On 24 May members the Supervisory Board of the Institute for the Works of Religion (IOR) met for their regular meeting. One of the topics on the agenda was, once again, the matter regarding the governance of the Institute. Over time this area had generated increasing worries among the members of the board and, despite repeated efforts to communicate these concerns to Prof. Gotti Tedeschi, president of the IOR, the situation deteriorated further.

"Following discussion of the issues, the board members voted unanimously in favour of a motion expressing no confidence in the president for not having carried out various responsibilities of primary importance regarding his office. On this basis, the following statement was issued:

"'During the regular meeting of the Supervisory Board of the Institute for the Works of Religion (IOR), at 2 p.m. on 24 May 2012 this board adopted a motion of no confidence in President Gotti Tedeschi and recommended the cessation of his mandate as president and member of the board.

"'The board members are saddened by the events which led to this vote of no confidence, but believe that this action is important in order to maintain the vitality of the institute.

"'The board is now looking ahead to the search for a new and distinguished president who can assist the IOR to regain effective and wider relations between the institute and the financial community, based on the shared respect of accepted international banking standards'.

"On Friday the Commission of Cardinals will assess the consequences of the motion taken by the board and decide on the most appropriate steps to be taken in the future".

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