Jean-Baptiste de Franssu, the new president of the Institute for Religious Works, or Vatican Bank, during a press conference in Rome yesterday. Photograph: EPA/Angelo Carconi

It was halfway through yesterday’s presentation of the New Economic Framework For The Holy See when the packed hall of journalists began to laugh. (...)

French financier Jean-Baptiste de Franssu (left), new president of the Institute for Religious Works (IOR) or Vatican Bank, with predecessor Ernst von Freyberg (right), during a press conference after Holy See economy prefect Cardinal George Pell announced his appointment today. Photograph: Angelo Carconi/EPA

The Vatican said today it would separate its bank’s investment business from its Church payments work to try to clean up after years of scandal, and v(...)

Profits in 2013 plummeted to €2.9 million from €86.6 million in 2012 as the bank took huge write-downs to wind up investments made before the bank’s reform programme started and when there was less vigilance. Photograph:  Gabriel Buoys/Getty Images

The Vatican bank has blocked the accounts of more than 2,000 clients and ended some 3,000 “customer relationships” as part of a clean-up process that (...)

A flower mosaic is created in  Saint Peter’s Square at the Vatican. The director and deputy director of the Vatican’s bank have resigned following the arrest of a senior cleric with close connections to the bank who is accused of plotting to smuggle €20 million into Italy from Switzerland. Photograph: Franco Origlia/Getty Images

The director and deputy director of the Vatican bank resigned today following the arrest of a senior cleric with close connections to the bank who is (...)