Archbishop of Canterbury admits Church of England STILL has shares in Wonga despite pledge to drive pay-day loan companies out of business Justin Welby told Radio 4's Today programme church has completed a review into Â£75,000 'indirect' investment but not yet disposed of Earlier this year Archbishop vowed to take down pay-day lenders Weeks later, forced to admit embarrassment as Wonga shares emerged Discussed importance of leadership, long-term planning, and creating an ethical working culture with guest-editor, Barclays CEO Antony Jenkins Also admitted the 'extraordinary' Pope is his 'person of the year' Revealed: The Archbishop of Canterbury Justin Welby admitted the church's Â£75,000 investment in Wonga has yet to be removed The Church of England still hasn't disposed of its stake in Wonga five months after pledging to drive pay day lenders out of business, the Archbishop of Canterbury has revealed. Earlier this year, the Most Rev Justin Welby vowed to take on the controversial company with their own credit unions - and issued a direct warning to Wonga's chief executive. But just weeks later, the spiritual leader suffered embarrassment as it emerged the church has Â£75,000 of their pension fund indirectly invested in the firm. Today, he admitted - almost half a year later - the money has not been removed. Speaking on Radio 4's Today programme, the Most Rev Welby said a review had been completed into the shares in Wonga held at 'three stages removed' by the Church Commissioners. He was invited on to discuss religion and economics as part of the leadership-themed edition of the programme edited by Barclays Chief Executive, Antony Jenkins. 'They are working out how they can dispose of those shares without disposing of millions and millions of pounds of investment at a loss because they have a responsibility to pensioners,' the Most Rev Welby said. The revelation came after the archbishop received widespread publicity when he told Errol Damelin, Wonga chief executive, that the Church of England wanted to drive the pay day lenders out of business through the creation of credit unions. The Church of England, which claims to have a strong ethical investment policy that explicitly bans companies involved in pay day lending, had invested in Accel Partners, the US venture capital firm that led Wonga's 2009 fundraising. In an interview with Total Politics magazine before the revelation, the Archbishop, a former oil executive, said his Church had more branches than the banks. He added: 'I've met the head of Wonga and we had a very good conversation and I said to him quite bluntly "We're not in the business of trying to legislate you out of existence, we're trying to compete you out of existence." The spiritual leader took on the chief executive of Wonga earlier this year, warning them to be more ethical The Most Rev Justin Welby was discussing ethics and culture of business with Antony Jenkins, chief executive of Barclays bank, and guest-editor of Radio 4's Today 'We've got to have credit unions that are both engaged in their communities and much more professional and the third thing is people have got to know about them. It's a decade-long process. 'We're putting our money where our mouth is, we're starting a Church of England staff credit union.' But in July, when news of the investment came out, the Most Rev Welby said he was irritated and embarrassed that Church funds were being funnelled into Wonga and said he would seek to remedy the situation. 'They shouldn't be investing in Wonga. We don't think that's a good thing,' he said. He added: 'What's clear is that... this is an embarrassment. We think that the pay day lenders charge vastly excessive amounts for the loans they make, that there is a totally inadequate range of choice for consumers in deprived areas. But joining the conversation, Antony Jenkins appeared to empathise with the leader's embarrassment, admitting it could take up to a decade for Barclays to regain customer trust after a series of scandals that have beset the bank. Antony Jenkins, who took over the reins of Barclays in August in the wake of the Libor scandal, said he was determined to change the culture at the bank towards long-term sustainability. Justin Welby pointed to the Pope as inspiration to regain the public's trust in an institution Mr Jenkins said: 'Trust is a very easy thing to lose, and a very hard thing to win back. In my view it will takes several years - probably five to 10 - to rebuild trust in Barclays. Barclays was the first bank to admit traders manipulated interest lending rates and was slapped with a Â£290 million fine 18 months ago. It was also caught up in the PPI mis-selling scandal. Mr Jenkins, formerly head of the retail banking arm at the bank, hinted at a long-term strategy to overhaul the bank in September, pledging to restore Barclayâ€™s shattered reputation. As Todayâ€™s guest editor, he chose to focus on leadership and the 'importance of long-term thinking'. He said: 'My point is not that short-term markets are bad or inaccurate. They serve a very useful purpose. It is susceptible to elevator analysis - this is up, this is down. In addition to looking at the short term and what that tells us, how do we focus on longer-term drivers of the economy? Mr Jenkins said he agreed with much of the economistâ€™s comments, but he said that under the right leadership banks still had the ability to redeem themselves from past failures. In my view, leadership sets the culture in big organisations and culture drives organisational performance. If you want a different sort of organisational performance, a more ethical business, youâ€™re going to have to change culture. Culture takes time to change and it comes back to leadership. If you take a long-term perspective, youâ€™ll build the right culture,' said Mr Jenkins. I can only be responsible for Barclays but Iâ€™m hoping in what we do at Barclays we can also rebuild trust in banking. But while Mr Jenkins brought the archbishop as a model of leadership and ethics, the Most Rev Justin Welby pointed to the Pope as inspiration on how to regain the public's trust in an institution. He said: â€˜I wouldnâ€™t want to compare myself to him in any way. The Pope has been hugely effective. He is an extraordinary man; quite brilliant in what he does. And he has changed the sense and direction and purpose of the Catholic Church with his personal example and his words.â€™ Sarah Montague asked: â€˜Do you agree with Time Magazine that he is the person of the year?â€™ He replied: â€˜Yes. I would certainly put him as my person of the year. Well, I probably have several but if you wanted one, he is probably there, yes. He is extraordinary.â€™