At the time of the election of Pope Benedict XV in 1914, the Holy See owned 25% of the Banco di Roma, and also had large cash deposits at the bank. Following massive public withdrawals from the bank in early 1915, under the spectre of World War I, in March of that year Benedict XV arranged a salvage package to the tune of ₤9 million—guaranteed by the Vatican's shares in the bank—from Credito Nazionale, a subset of the Catholic Banking Federation. This action further aggravated Italian police informants within the Vatican, who in November 1915 began reporting that Benedict XV planned to transform the bank into an essentially Catholic "confessional" institution, and Pacelli was replaced by Carlo Santucci in 1916 as president of the Banco di Roma.