Cardinal Petrocchi Named President of Vatican Bank Cardinals' Commission
VATICAN CITY — The Institute for the Works of Religion (IOR), commonly known as the Vatican Bank, has announced a significant leadership transition. Cardinal Giuseppe Petrocchi, Archbishop Emeritus of L’Aquila, has been appointed as the new President of the Commission of Cardinals.
Cardinal Petrocchi, who has served as a member of the Commission since 2020, succeeds Cardinal Christoph Schönborn. The Archbishop of Vienna is stepping down after a twelve-year tenure, having reached the customary age limit for Vatican service.
A Legacy of Reform
The Commission issued a statement expressing "profound gratitude" to Cardinal Schönborn for his steady hand during a decade defined by rigorous financial reform. Under his leadership, the IOR underwent a "far-reaching transformation," moving toward greater transparency and international compliance.
"I have witnessed firsthand the significant developments made by the Institute in the service of the Holy Father," Cardinal Petrocchi stated upon his appointment. "We will continue along this path... in full respect of Catholic ethics and the principles of transparency."
New Faces and Grateful Farewells
The transition comes during a period of administrative renewal for the Holy See.
Cardinal Ángel Fernández Artime, recently appointed by the Holy Father, attended his first meeting as a member of the Commission.
Jean-Baptiste de Franssu, President of the Board of Superintendence, lauded Cardinal Schönborn’s "evangelical charity" and wisdom, noting that his leadership earned the IOR "widespread recognition and esteem within the international financial community."
Cardinal Schönborn, in turn, offered his thanks to Pope Francis for his "enlightened support" during the challenging reform process, as well as to Director General Gian Franco Mammì and the Institute’s lay leadership.
Looking Ahead
As President, Cardinal Petrocchi brings a wealth of administrative experience to the role. In addition to his new duties at the IOR, he remains a member of the Council for the Economy and the Dicastery for the Clergy, positioning him as a central figure in the ongoing stewardship of the Church’s temporal goods.
The Commission of Cardinals serves as the primary oversight body for the IOR, ensuring that the Institute's financial activities remain consistent with its mission to serve the works of religion and the global mission of the Catholic Church.
Source: https://www.vaticannews.va/it/vaticano/news/2026-02/commissione-cardinali-ior-nuovo-presidente-cardinale-petrocchi.html
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