THE VATICAN
Pope Francis has decided not to shut down the 'Istituto per le Opere di Religione', better known as the Vatican Bank, due to its financial commitments to the catholic churches and state.
"The (bank) will continue to serve with prudence and provide specialized financial services to the Catholic Church worldwide" according to a statement issued by the Vatican on Monday.
The bank has been mired in scandals in recent years, including money laundering and grafting activities, and was put under investigation by a commission Pope Francis formed last year. During this time the Pope would also not rule out permanently closing the bank if the allegations proved true.
The statement also noted that the Pope did not take the decision to preserve the bank alone, but did so on the recommendations of the commission.
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