Two experienced bankers, Italian Carlo Salvatori and German Clemens Boersig, resigned from the board of the Institute for the Works of Religion.

Vatican spokesman Fr Federico Lombardi said this followed a "divergence of opinion over the management of the institute".

Fr Lombardi said this was "normal" and "it is an unusual place".

However, a source with knowledge of the workings of IOR, who declined to be named, told Reuters there was frustration at the slow pace of change within the organisation over the past two years.

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