Newsroom (06/10/2025, Gaudium Press ) In a sweeping reform aimed at fostering greater collaboration within the Catholic Church’s financial apparatus, Pope Leo XIV on Monday issued a new apostolic letter “motu proprio” that redefines how the Holy See manages its investments, effectively dismantling the Vatican Bank’s monopoly on asset custody.
Titled Coniuncta cura (“Joined Care”), the document endorses key recommendations from the Holy See’s Council for the Economy and emphasizes the principle of “co-responsibility in communio” — a call for unified stewardship among Church institutions. It consolidates a patchwork of prior regulations, clarifies roles and responsibilities, and promotes “mutual collaboration” to streamline operations.
The pontiff’s move comes after a thorough review of the council’s advice and input from financial experts. It explicitly revokes a 2022 rescript that had centralized control under the Institute for the Works of Religion (IOR), commonly known as the Vatican Bank. That earlier decree mandated the IOR’s exclusive authority over asset management and required all Holy See entities to transfer movable assets — including liquidity held at external banks — to the IOR without delay.
Under the new framework, the Holy See’s investment activities, governed by Article 219 of the 2022 apostolic constitution Praedicate Evangelium, must now align with guidelines set by a dedicated Investment Committee and an approved Investment Policy. These operations will primarily be handled by the Administration of the Patrimony of the Apostolic See (APSA) in partnership with the IOR. However, the directive allows flexibility: Competent authorities may opt for foreign financial intermediaries if they prove more efficient or practical, as determined by the committee’s statutes.
“This reform marks a pivotal step toward transparency and efficiency in the stewardship of the Church’s resources,” a Vatican spokesperson said, underscoring the pope’s intent to adapt longstanding practices to modern financial realities while safeguarding the Holy See’s mission.
The motu proprio takes immediate effect today, October 6, 2025, following its formal promulgation in the Vatican’s official newspaper, L’Osservatore Romano. It arrives amid ongoing global scrutiny of the Holy See’s finances, including past scandals involving the IOR, and reflects Pope Leo XIV’s broader agenda of ethical governance and institutional renewal since his election earlier this year.
Vatican observers say the changes could enhance risk management and diversification, potentially drawing the Holy See closer to international best practices without compromising its autonomy. Further details on implementation will be outlined in forthcoming guidelines from the Investment Committee.
- Raju Hasmukh with files from Vatican News
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