The World - News from March 1, 1989

Controversial Archbishop Paul C. Marcinkus, president of the Vatican bank for the last two decades, will soon be replaced, Vatican sources said. The replacement of Marcinkus, 67, as president of the Institute for Religious Works--commonly known as the Vatican bank--probably will be announced after the March 6 meeting of the Council for the Study of Organizational and Economic Problems of the Holy See, the sources said. The American-born Marcinkus has been restricted to the tiny Vatican state since 1987, when Italian authorities issued arrest warrants as part of their inquiry into the spectacular 1982 collapse of the Ambrosiano Bank, Italy’s largest private institution.