Vatican City: The Vatican mandated that the Institute for the Works of Religion (IOR), also known as the Vatican Bank, be empowered to manage and oversee the Vatican's movable assets.

Pope Francis issued that decree in a rescript published on Tuesday in the Osservatore Romano.

The Pope stipulates that the rescript "shall have the nature of an authentic interpretation of the provisions in force and shall have firm and stable force, notwithstanding anything to the contrary, even if it precedes the rescript or specifically refers to special issues."

The rescript concerns Article 219, paragraph 3 of the Constitution on the Roman Curia "Praedicate Evangelium."

The relevant article is to be interpreted "in the sense that the activity of asset manager and custodian of the movable assets of the Holy See and of the institutions linked to the Holy See belongs exclusively to the Institute for the Works of Religion."

For this reason, Holy See and related institutions "that possess financial assets and liquid assets, in whatever form they are held, with financial institutions other than the IOR must inform the IOR and transfer them to it as soon as possible within 30 days from 1 September 2022."

The papal rescript enters into effect immediately, with publication in the Holy See's daily newspaper.