The Institute for the Works of Religion (IOR), often referred to as the Vatican bank, has announced that Luxembourg banker François Pauly will succeed Jean-Baptiste Douville de Franssu as president of its Board of Superintendence.
According to a March 25 press release, Pauly “has been elected as the next president of the Board of Superintendence” and will formally take office following the board meeting scheduled for April 28, when the institute’s 2025 financial statements are approved.
De Franssu, who has led the IOR since July 9, 2014, will remain in office until that date, concluding a tenure marked by significant internal reform and efforts to rebuild the institution’s international credibility.
The need for reform stemmed from years of scrutiny over the Vatican bank’s management, transparency, and anti-money-laundering controls. In the past, the institute faced damaged credibility amid concerns about oversight and compliance, prompting a long push to strengthen governance, tighten internal procedures, and bring its operations into line with international financial standards.
The transition “follows a carefully managed succession process conducted over the past 12 months in close collaboration between the Board of Superintendence and the Commission of Cardinals, ensuring continuity in the governance of the Institute,” the IOR said.
Pauly, a Luxembourg national, has served on the board since 2024. His appointment was approved Jan. 28 by the Commission of Cardinals following a proposal by the board in December 2025, in accordance with the institute’s statutes.
He brings decades of experience in the financial sector, having begun his banking career in the late 1980s. He previously served as deputy chief executive officer of Dexia Crediop in Italy and later as CEO and chairman of Banque Internationale à Luxembourg from 2011 to 2016. He also served on the board of the Vatican Pension Fund from 2017 to 2021.
Currently, Pauly is chairman of La Luxembourgeoise Group and a member of the Commission for Economic Affairs of the Archdiocese of Luxembourg, while also serving on the boards of several financial firms across Europe.
In a statement, de Franssu reflected on his tenure, saying the institute had undergone “a profound structural transformation” that restored credibility and strengthened financial performance.
“This process has enabled the institute to achieve strong international credibility and to deliver solid financial results,” he said, noting that reforms improved governance, transparency, and compliance with international anti-money laundering standards.
Cardinal Giuseppe Petrocchi, president of the IOR’s Commission of Cardinals, expressed “deep gratitude” for de Franssu’s service and praised his “essential contribution” to the institute’s renewal.
He also welcomed Pauly’s appointment, highlighting his “extensive professional experience” as key to consolidating recent progress and strengthening the institute’s ties with the global financial sector.
“We hope that, under his leadership, the Board of Superintendence continues to effectively support the mission of the IOR in service of the universal Church,” Petrocchi said.
The Commission of Cardinals will now appoint a new member of the Board of Superintendence to replace de Franssu, subject to regulatory approval.
This story was first published by ACI Prensa, the Spanish-language sister service of EWTN News. It has been translated and adapted by EWTN News English.
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