Vatican Bank president submits his resignation

American Archbishop Paul Marcinkus, the president of the Vatican Bank, who was criticized for alleged involvement with an Italian bank that is under investigation, has tendered his resignation to Pope John Paul II, an Italian newspaper reported.

The report did not say if the Pope accepted the resignation. The Vatican has maintained strict official silence on the Vatican Bank's dealings with the Ambrosiano Bank since its president, Roberto Calvi, was found dead in London June 18. Mr. Calvi was convicted last year of illegally exporting $27 million out of Italy through the Ambrosiano Bank. The Vatican Bank owns about 1.5 percent of shares of the Ambrosiano Bank. The Italian financial weekly Il Mondo, citing banking sources, said the Vatican Bank gave Mr. Calvi guarantees for some of its dealings in South America.