Cardinal Pell (L), Jean-Baptiste de Franssu (C) and outgoing bank head Ernst von Freyberg
Media playback is unsupported on your device
Video

Vatican overhauls scandal-hit bank

Extensive reforms of the scandal-hit Vatican bank have been announced with the entire senior management team being replaced.

Pope Francis has sought to stamp out corruption and other abuses at the bank, which handles the Church's funds.

The bank will also eventually give up its investment activities to focus on serving religious orders and charities.

Alan Johnston reports from the Vatican

  • 09 Jul 2014
  • From the section Europe
Go to next video: Queen's first meeting with Pope