Institute for the Works of Religion
Source: Vatican Media
Pope Leo XIV has issued a new Apostolic Letter ‘motu proprio’ confirming specific recommendations approved by the Council for the Economy concerning the financial investment activities of the Holy See. The new Motu Proprio, with the opening words: “Coniuncta cura”, highlights the principle of “co-responsibility in communio” as requiring the consolidation of various provisions that have arisen over time, as well as the clear definition of “the roles and responsibilities” of the various institutions of the Holy See, “enabling everyone to converge in a dynamic of mutual collaboration.”
Issued after careful evaluation of the Council’s recommendation and consultation with experts, the new Apostolic Letter repeals an earlier rescript “on the administration and management of the financial activities and liquidity of the Holy See and of the institutions connected with the Holy See,” dated August 23, 2022. (See: https://press.vatican.va/content/salastampa/it/bollettino/pubblico/2022/08/23/0608/01222.html 0
The repealed rescript provided that the Institute for the Works of Religion (IOR, sometimes referred to as the Vatican Bank) had exclusive competence over asset management and was the custodian of all the movable assets of the Holy See and of its associated institutions.
It therefore stipulated that all institutions of the Holy See that held financial assets with financial institutions other than the IOR must inform the IOR and transfer them to the Vatican Bank as soon as possible.
“Coniuncta cura” establishes that “financial investment activities of the Holy See, which are dedicated to its own use and carried out in accordance with art. 219 of the Apostolic Constitution Praedicate Evangelium, must adhere to the provisions established by the Investment Committee, in compliance with the approved Investment Policy.”
It further establishes that financial investment activities of the Holy See are generally undertaken by the Administration of the Patrimony of the Apostolic See (APSA) through the Institute for the Works of Religion, “unless the competent bodies, as established by the statutes of the Investment Committee, deem it more efficient or convenient to use financial intermediaries established in other countries.”
The new motu proprio took effect on Monday, 6 October 2025, the day of its official promulgation by publication in L’Osservatore Romano.