NextFin news, Vatican City, Monday, October 6, 2025 – Pope Leo XIV signed a new Apostolic Letter in the form of a Motu Proprio titled Coniuncta cura, which rebalances the Vatican's financial administration by permitting the use of external financial institutions for investment activities alongside the Vatican Bank (Institute for the Works of Religion, IOR).
This decision reverses a 2022 instruction by Pope Francis that mandated all Vatican funds be centralized exclusively within the Vatican Bank. The 2022 directive had required all dicasteries and institutions connected to the Holy See to transfer their financial assets to accounts managed by the Administration of the Patrimony of the Apostolic See (APSA), which had centralized control over Vatican finances.
In his Motu Proprio, Pope Leo XIV reaffirmed APSA's general competence over investment activities but clarified that APSA should "make effective use" of the Vatican Bank's internal organizational structure while allowing, where deemed more efficient or appropriate, the use of external financial intermediaries, including those based outside Italy. This marks a significant shift from the previously centralized model.
The Pope emphasized the principle of "co-responsibility in communion," a key tenet of the Roman Curia reform initiated by Pope Francis in the apostolic constitution Praedicate Evangelium (March 19, 2022). He stated that this shared responsibility requires clear definition of roles and mutual collaboration among Vatican institutions involved in financial management.
The new policy mandates that all investment activities conform to the guidelines set by the Vatican's Investment Committee, chaired by Cardinal Kevin Farrell, ensuring prudence, sustainability, and ethical evaluation aligned with the Church's ecclesial and social mission.
The Motu Proprio Coniuncta cura was published on October 6, 2025, in L’Osservatore Romano and is effective immediately. It represents Pope Leo XIV's first legislative act addressing the Vatican's finances and signals a move toward restoring order, transparency, and shared responsibility in the Holy See's economic governance.
According to Vatican sources, the Pope consulted financial experts and the Council for the Economy before issuing the rescript. The decision responds to concerns raised by the College of Cardinals about the distortions caused by the previous centralized financial model and aims to balance efficiency with ethical stewardship.
This reform allows the Vatican to engage external banks for investment management when deemed more efficient or appropriate, thereby broadening the financial tools available to the Holy See while maintaining the Vatican Bank's central operational role.
Sources: Catholic News Agency, Silere Non Possum, Official Vatican documents published October 6, 2025.
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