Top Vatican bank managers resign after Monsignor's arrest
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Two top managers of the scandal-plagued Vatican bank resigned on Monday following the arrest of a high-ranking cleric with close ties to the financial institution, in the latest of a string of embarrassments for the Holy See.
Director Paolo Cipriani and deputy-director Massimo Tulli stepped down three days after the Vatican was rocked by the arrest of Monsignor Nunzio Scarano, who is accused of plotting with two other people to smuggle 20 million euros into Italy from Switzerland.
Ernst von Freyberg, a German who earlier this year became president of the bank, officially known as the Institute for Works of Religion (IOR), will assume the role of bank director until a permanent replacement is appointed.
The bank has also established a new position of chief risk officer who will be charged with improving compliance with financial regulations at a bank which has long been a byword for secrecy and lack of transparency.
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