Speaking to BBC Radio 4?s Today programme the Archbishop said: ?It shouldn't happen, it's very embarrassing, but these things do happen. We have to find out why and make sure it doesn't happen again.?
The amount of Church money indirectly invested in Wonga was ?75,000 out of investments totalling ?5.2 billion.
"I was irritated for a few minutes but, you know, these things happen. I understand the business, it's an incredibly complex business," the Archbishop added.
The payday loans industry has been dogged by controversy, with some lenders accused of exploiting struggling borrowers' desperation and behaving aggressively to claw money back.
The Archbishop heaped praise on Wonga and its management, saying it is a ?very professionally managed company?.
?The worst people are not Wonga,? he said. ?There are plenty of others much worse."
The Archbishop was asked if it is ?risible? that Church money can also currently be invested in pornography and gambling companies.
He said: ?We are going to have to review these levels and how we do it. The reality is, if you invest in a hotel chain, a lot of hotel chains sell pornography in their hotel rooms. Do you therefore not invest in any hotel chains at all? The complexity of the thing is enormous. I?ve been living with this for many, many years. I?ve no illusions about this.?
The Archbishop said that it was almost impossible for the Church to make an investment that was not somehow tainted.
He said: "If you exclude any contact with anything that directly or indirectly gets in any way bad, you can't do anything at all."
Signalling a potential review of its entire investment portfolio, he added: "I think we have to review these levels and make sure we are consistent between what we're saying and what we're doing."
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