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Latest NewsControversial head for Vatican Bank19 February 2013The Vatican has appointed a controversial new director to restore transparency and credibility at the Institute for Works of Religion (IOR), the Vatican bank. German lawyer Ernst von Freyberg is the chairman of German shipbuilding company Blohm + Voss, which built warships and submarines for the Nazis. The company is currently building four frigates for the German navy. In a statement the Vatican said that the company's main activity was ship repair and luxury yacht building. The troubled bank has been without a director since May, when former director Ettore Gotti Tedeschi was ousted for neglecting his management responsibilities. In January the Bank of Italy refused to authorise credit card payments within the Vatican state because it had failed to meet a deadline for improving its financial supervision. Pope Benedict XVI has also reappointed the five-member commission of cardinals that oversees the IOR.
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