Vatican Radio reported that the Commission of Cardinals will oversee the Vatican Bank, officially known as the Institute for the Works of Religion, for a five year period. The cardinals who comprise the commission are: Christoph Schönborn, Archbishop of Vienna, Thomas Christopher Collins, Archbishop of Toronto, Jean-Louis Tauran, President of the Pontifical Council for Interreligious Dialogue, Santos Abril yCastilló, Archpriest of the Papal Basilica of St Mary Major, His Excellency Msgr Pietro Parolin, Titular Archbishop of Acquapendente and Secretary of State.
Suspicion regarding the secretive Vatican Bank prompted European regulators to push for greater transparency and adherence to international banking standards. The pope emeritus undertook some of those changes. A Vatican official who spoke on condition of anonymity to The New York Times said the reshuffle "has been in the works. It is a normal turnover. It is good for the working of the institution."