Speaking to Vatican media outlets on Thursday (Oct. 1), Alves said the pursuit of financial transparency is a priority for Pope Francis, who demands “the economy of Holy See must be as transparent as a glass house.”. But we still want your feedback. Like most other countries, the Vatican City State will end 2020 with its public finances in a precarious condition. 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This improved situation was mainly due to the capital gained on the sale of a property for 15 million euros ($17.6 million), gains from financial investments for 68.1 million euros ($80 million) and an influx of 30.9 million euros ($36.3 million) from assets and investment properties. The Vatican Museums, a once-dependable cash cow, have been closed for months, resulting in a loss of millions of euros in revenues. The official numbers refer specifically to the Roman Curia, which comprises the 60 institutions and departments charged with administering and enacting Pope Francis’ goals for integral human development, evangelization and education projects. Seven million euros ($12 million) or 3 percent of total expenditures, were spent by the Dicastery for Promoting Integral Human Development, as it sought to promote justice, peace and the care of our common home worldwide. Credit: Bohumil Petrik/CNA. Recent media coverage that points to potential financial … Father Guerrero highlighted the fact that if one put all the aforementioned Vatican entities together, the total net patrimony of the Vatican would be around 4 billion euros ($4.7 billion), adding that if this were put into a consolidated financial statement from the Vatican there would be no deficit in 2019. The Vatican’s official bank has faced repeated crises since it was founded in 1942, and the bank itself was created to curtail fiscal irregularity. Pope Francis faced questions regarding Vatican finances arising from recent events that have provoked concern about the possibility of mismanagement … 3 at the Vatican, Cardinal Angelo Becciu, who has disputed accusations of mismanagement and nepotism. The other entities that make up the Vatican are: the Institute for the Works of Religion (commonly known as the Vatican Bank), representing 17 percent; the Vatican City State, that represents 15 percent; the Vatican Pension Fund and 33 other entities that make up 24 percent; Peter’s Pence, 6 percent; and other dedicated funds in Secretariat of State that make 3 percent. The rest of the money is spent on what the secretariat’s statement calls “the Apostolic Mission” of the Roman Curia. Nov 28, 2019. editor; Italian banker Carmelo Barbagallo, named Nov. 27 by Pope Francis as the new head of the Vatican's Financial Information Authority. When you register, you’ll get unlimited access to our website and a free subscription to our email newsletter for daily updates with a smart, Catholic take on faith and culture from, The dome of St. Peter's Basilica is pictured at the Vatican. Please contact us at members@americamedia.org with any questions. He was given the task of completing the reform of all Vatican finances and ensuring transparency and accountability. Pope Francis admitted there is financial corruption in the Vatican, describing it as a "scandal" on Tuesday. A Reflection for the Solemnity of the Holy Family. Father Guerrero told Vatican News that Peter’s Pence is used only for the mission of the Holy See and the pope’s charitable efforts, that it amounted to 53 million euros last year and that it counted for 32 percent of the mission’s expenditure. We don’t have comments turned on everywhere anymore. Vatican expendituresThe financial statement explains in great detail the 318 million euros ($374 million) in expenditures by the Roman Curia in 2019. VATICAN CITY A FTER A WEEK of resignations and exclusions, the Vatican faces the very real risk of being reduced once more to the status of an international financial … Nov 28, 2019. editor; Italian banker Carmelo Barbagallo, named Nov. 27 by Pope Francis as the new head of the Vatican's Financial Information Authority. The Vatican Museums, a once-dependable cash cow, have been closed for months, resulting in a loss of millions of euros in revenues. It therefore closed 2019 with a net deficit of 11.1 million euros ($13 million), considerably less than the previous year (2018), when it was 75.2 million euros ($88 million). That scandal has now led to the removal of Cardinal Angelo Becciu from his post as prefect of the Congregation for Saints and the renunciation of his rights as a cardinal. The report shows the Vatican Curia earned more than $360 million in 2019, with an expenditure of almost $374 million, leaving a deficit of about $14 … Vatican's financial watchdog says progress slow, but steady by Elise A. Harris April 27, 2018; President of Vatican's financial watchdog authority ends term by Hannah Brockhaus November 18, 2019; Suspension revoked for Vatican’s financial watchdog authority by … The publication of the budget comes at a time when the pope is enacting sweeping financial reform, changing the way the Vatican manages money, from real estate to banking to public procurement. By Dennis Sadowski • Catholic News Service • Posted December 19, 2019 . Vatican finances, the reform stuck halfway. If you’re already a subscriber or donor, thank you! Wondering why we ask for your email, or having trouble registering. Pope Francis faced questions regarding Vatican finances arising from recent events that have provoked concern about the possibility of mismanagement … Three million euros ($3.5 million), one percent of the total expenditure, went to the Congregation for the Doctrine of the Faith, which spends around 70 percent of its time on disciplinary questions, especially relating to cases of the abuse of minors by clergy, which is an essential task at this moment in history. Wednesday, July 24, 2019 By October 2016, two years into his term as prefect of the Vatican… VATICAN CITY (RNS) — For the first time since 2016, the Vatican has released its financial budget for the administration of Roman Curia. >RELATED: Pope Francis accepts resignation of cardinal named in Vatican financial scandals. Why am I being asked to create an account? if you are trying to comment, you must log in or set up a new account. Check out some of the. “We are not the owners, we are custodians of the goods we have received,” said the Spanish-born Jesuit, whom Pope Francis appointed to head the secretariat in October 2019. Millennials Confront True Meaning of ‘Do They Know It’s Christmas’ (A Parable), The Jesuit Social Research Insitute seeks a new Executive Director, Make your life a chapter in the Gospel, the story of salvation, With Congress in turmoil, Catholic charities mobilize to respond to Covid-19 hunger crisis, This Christmas, let the Swiss Guard plan your holiday menu. You can either click on the link in your confirmation email or simply re-enter your email address below to confirm it. You can join the conversation about this article with us in social media on Twitter or Facebook, or in one of our Facebook discussion groups for various topics. Photo by Robert Ballecer, courtesy of Society of Jesus. The Vatican and IDI financial scandal: A CNA explainer. As part of the reform of the Curia, a meeting of the heads of dicasteries was held on September 20, 2019 at the Vatican, to address economic issues in the context of diminishing financial resources. Pope Francis established the secretariat in a motu proprio, Fidelis dispensator et prudens, published on 24 February 2014.It is headed by a prefect–originally a cardinal–who reports directly to the Pope. [Explore America’s in-depth coverage of Pope Francis.]. Juan Antonio Guerrero Alves. The Italian daily Corriere della Sera revealed this week that the Vatican’s Secretariat of State invested last February in Lapo Elkann’s eyewear and “lifestyle products” company as well as the Elton John film, using money donated by the Catholic faithful through worldwide “Peter’s Pence” collections.. The COVID-19 pandemic has wreaked havoc with Vatican finances, forcing it to dip into reserves and implement tough cost controls. We welcome any information that will help us improve the factual accuracy of this piece. By Michelle La Rosa. Today’s consolidated financial statement provides considerable detail regarding income and expenditure. … We cannot guarantee a response from any author. Edward Pentin, NC Register. In 2019, Vatican����City is operating with a budget deficit of $76 million dollars. Tuesday, October 1, 2019 INSIDE THE VATICAN Today in Rome the Vatican Press Office started off the month of October 2019 by issuing a brief, somewhat mysterious notice regarding a police raid to acquire documents related to Vatican financial dealings.Here is that communiqué:Holy See Press Office Communiqué, 01.10.2019 (link)This morning activities were carried out to acquire… Vatican City, Dec 16, 2019 / 03:40 pm (CNA).- On Oct. 1, Vatican police raided the usually quiet offices of the Vatican’s Secretariat of State. Vatican City, Nov 20, 2019 / 10:26 am (CNA) – The Vatican Secretary of State told CNA this week that he is responsible for arranging a controversial loan for the purchase of a bankrupt Italian hospital, and that he arranged with Cardinal Donald Wuerl a grant from the U.S.-based Papal Foundation to cover the loan when it could not be repaid. Father Guerrero: “It is possible that, in some cases, the Holy See has been not only badly advised but also cheated. As a frequent reader of our website, you know how important America’s voice is in the conversation about the church and the world. Before you can comment, you need to update your profile to include your first and last name, as required in our. Pope Francis established the secretariat in a motu proprio, Fidelis dispensator et prudens, published on 24 February 2014.It is headed by a prefect–originally a cardinal–who reports directly to the Pope. Father Guerrero emphasized that today’s statement only presents the finances of the Roman Curia (that is composed of 60 entities), which counts for 35 percent of the total Vatican consolidated financial statement. When you click submit, this article page will reload. Gerard O’Connell is America’s Vatican correspondent. Copyright © 2020 America Press Inc. | All Rights Reserved. You should see a message at the top of the reloaded page confirming that your feedback has been received. Thank you. ... FRANCESCO PELOSO Pubblicato il 17 Aprile 2019 Ultima modifica 02 Luglio 2019 20:07. Another 2 million euros ($2.3 million) supported the Dicastery for Laity, the Family and Life. “The Secretariat of State has been working on this process for months,” he said. The report shows the Vatican Curia earned more than $360 million in 2019, with an expenditure of almost $374 million, leaving a deficit of about $14 million, which is … We ask our visitors to confirm their email to keep your account secure and make sure you're able to receive email from us. Or send us feedback on this article with one of the options below: We welcome and read all letters to the editor but, due to the volume received, cannot guarantee a response. The Vatican and IDI financial scandal: A CNA explainer. Your source for jobs, books, retreats, and much more. Today’s financial statement came on the eve of the Peter’s Pence collection that will be taken up in Catholic churches throughout the world on Sunday, Oct. 4, the feast of St. Francis of Assisi. Now it is a matter of accelerating, at the decisive and insistent impulse of the pope, the process of knowledge, internal and external transparency, control, and collaboration between the different departments.”. The Vatican is using donations for the poor to fight its budget deficit, report says Published Wed, Dec 11 2019 1:52 PM EST Updated Wed, Dec 11 2019 … “The worst thing we could do is not recognize the difficulty or choose the ‘every man for himself’ option. Pell said he had no doubt that Guerrero was honest and up to the job. The Italian daily Corriere della Sera revealed this week that the Vatican’s Secretariat of State invested last February in Lapo Elkann’s eyewear and “lifestyle products” company as well as the Elton John film, using money donated by the Catholic faithful through worldwide “Peter’s Pence” collections.. VATICAN CITY A FTER A WEEK of resignations and exclusions, the Vatican faces the very real risk of being reduced once more to the status of an international financial … Giani joined the Vatican police force as the deputy police chief in 1999 after a stint in Italy's financial police and the information department of the Italian premier's office. The Vatican releases its 2019 financial statement as scandals persist Gerard O’Connell October 01, 2020 The dome of St. Peter's Basilica is pictured at the Vatican. Christ is born today, is baptized today, dies today, rises today. Vatican police raided the offices of the Holy See's Secretariat of State and its Financial Information Authority, or AIF, on Tuesday and took away documents and electronic devices as … “It is carrying out its task. Edward Pentin, NC Register. Credit: Bohumil Petrik/CNA. Publication of two books focused on financial irregularities — Nuzzi’s “Merchants in the Temple” and Emiliano Fittipaldi’s “Avarice” — led to both writers being charged by a Vatican court of “soliciting and exercising pressure” on a Vatican employee in order to obtain confidential documents. We can't do it without you—America Media relies on generous support from our readers. When we come to Eucharist at Christmas, we believe that time warps in upon itself. The first source was “self-generated revenues” from real-estate management, financial revenues and commercial operations and services, which brought in a total of 208 million euros ($244 million). Juan Antonio Guerrero Alves in 2019. Vatican City, Nov 20, 2019 / 10:26 am (CNA) – The Vatican Secretary of State told CNA this week that he is responsible for arranging a controversial loan for the purchase of a bankrupt Italian hospital, and that he arranged with Cardinal Donald Wuerl a grant from the U.S.-based Papal Foundation to cover the loan when it could not be repaid. Vatican City, Oct 14, 2019 / 09:51 am .- The recent raid of Vatican offices is connected to an investigation into charges that Vatican money financed the development of luxury properties in … Attendees listen to Pope Francis, white figure sitting at center right, during his general audience, the first with faithful since February when the coronavirus outbreak broke out in Italy, at the San Damaso courtyard, at the Vatican, on Sept. 2, 2020. “It is possible that, in some cases, the Holy See has been not only badly advised but also cheated,” Alves said, referring to a controversial Vatican investment in prime real estate in London that has been at the center of scandals over the administration of charitable donations. The Rev. As part of the reform of the Curia, a meeting of the heads of dicasteries was held on September 20, 2019 at the Vatican, to address economic issues in the context of diminishing financial resources. The long-awaited reform coincides with numerous reports of Vatican financial scandals, which have led to several firings and departures, most recently the resignation of the former No. If you think this article provides the opportunity for such a discussion, please let us know what you'd like to talk about, or what interesting question you think readers might want to respond to. If you login and register your print subscription number with your account, you’ll have unlimited access to the website. Authored by a member of the force that protects Pope Francis, "The Vatican Christmas Cookbook" explores the food and traditions that make for a happy holiday. April 2016 The Vatican Secretariat of State announces suspension of first external audit of the Vatican without consulting Cardinal Pell. Giani joined the Vatican police force as the deputy police chief in 1999 after a stint in Italy's financial police and the information department of the Italian premier's office. If all the income was counted together, Alves noted, the Vatican would not be in deficit, but said that fact doesn’t mean its finances don’t have “any difficulties and that in this coronavirus crisis we will not have any bigger ones.”. VATICAN CITY, October 15, 2019 (LifeSiteNews) ― Investments made by Cardinal Giovanni Angelo Becciu are at the heart of a Vatican investigation, says a leading financial newspaper. By Michelle La Rosa. Description. More than 65% of the money administered by the Roman Curia is dedicated to supporting missions around the world, followed by asset management (21%) and administration costs (14%). We must resist,” he said. Description. Cleaning up Vatican finances has been a priority for the 83-year-old Argentine pontiff from the start, say his advisers. Christmas made my family’s favorite traditions. Please visit our membership page to learn how you can invest in our work by subscribing to the magazine or making a donation. The second was from “external donations,” which are “dedicated donations” for specific purposes of the church’s mission and “donations from dioceses” in accordance with canon law; all these together brought in 56 million euros ($66 million). “It is possible that, in some cases, the Holy See has been not only badly advised but also cheated,” he said. … A further 16 million euros ($19 million), 8 percent of the expenditure, went to the Eastern-rite churches, mainly in the Middle East, many of which are in great difficulty, with their numbers ever decreasing because of conflict or persecution. All rights reserved. It dealt with issues concerning disarmament, human rights, human mobility, health care and concern for the poor and suffering. Cleaning up Vatican finances has been a priority for the 83-year-old Argentine pontiff from the start, say his advisers. What are considered to be exorbitant salaries of certain external actors were at … “The faithful have a right to know how we use the resources, the money we get,” Juan Antonio Guerrero, S.J., the prefect of the Vatican’s Secretariat for the Economy, told Vatican News today when he presented the consolidated financial statement of the Roman Curia for 2019. If we decide to open comments on this article, we will email you to let you know. According to the statement, the Roman Curia had a net income of 307 million euros ($361 million), a total expenditure of 318 million euros ($374 million) and net equity of 1.402 billion euros ($1.65 billion). Pope Francis admitted there is financial corruption in the Vatican, describing it as a "scandal" on Tuesday. Pell said he had no doubt that Guerrero was honest and up to the job. People gather in St. Peter’s Square at the Vatican as Pope Francis recites the Angelus noon prayer from the window of his studio, top right, on Nov. 1, 2019. “The faithful have the right to know how we utilize our resources,” said the prefect for economy at the Vatican, the Rev. A global hunger crisis, foretold in the beginning days of the Covid-19 crisis, is being realized. (CNS photo/Paul Haring), We’re sorry registration isn't working smoothly for you. The report shows the Vatican Curia earned more than $360 million in 2019, with an expenditure of almost $374 million, leaving a deficit of about $14 million, which is an improvement from the over $88 million deficit it incurred the previous year. Church officials released the 2019 budget report Oct. 1, 2020. Alves also said that, to his knowledge, no funds derived from Peter’s Pence, donations by the faithful to promote the pope’s charitable work, were used in the controversial London investment. People gather in St. Peter’s Square at the Vatican as Pope Francis recites the Angelus noon prayer from the window of his studio, top right, on Nov. 1, 2019. You can also manage your account details and your print subscription after logging in. Vatican's financial watchdog says progress slow, but steady by Elise A. Harris April 27, 2018; President of Vatican's financial watchdog authority ends term by Hannah Brockhaus November 18, 2019; Suspension revoked for Vatican’s financial … (Credit: Stock image.) A significant slice of the Roman Curia’s expenditure (22 percent), 46 million euros ($54 million), went for the Dicastery of Communications in 2019. By Dennis Sadowski • Catholic News Service • Posted December 19, 2019 . “They’re afraid of the audit uncovering information they don’t want uncovered and are worried about losing sovereign control over Vatican finances,” a source tells the Register. We ask readers to log in so that we can recognize you as a registered user and give you unrestricted access to our website. Please consult our Contact Us page for other options to reach us. Just how precarious is hard to … He took up his post in January. We have recently relaunched the commenting experience at America and are aiming for a more focused commenting experience with better moderation by opening comments on a select number of articles each day. In this context, 65 million euros ($76 million) were spent by the Secretariat of State, of which 43 million euros ($50 million) went to costs for the 126 nunciatures (Vatican diplomatic missions or nunciatures) in countries across the world. The economy of Vatican City is supported financially by the sale of stamps, coins, medals, and tourist mementos as well as fees for admission to museums and publication sales. The third source was “contribution from related entities,” namely the Governorate of Vatican City State (mainly income from museums), the Vatican Bank, and the Fabric of St. Peter’s (an institution responsible for St. Peter's Basilica), which brought in a total of 43 million euros ($50 million). Instead, he said, the money came from a fund belonging to the powerful Secretariat of State in the Vatican. I believe that we are learning from past mistakes or imprudence.”, Commenting on the deficit, Father Guerrero emphasized that the Roman Curia is not like a corporation or company seeking to make profit: “Our mission will always tend to produce deficits, it will never generate enough funds [for our needs].”. The net assets reported in the budget amount to more than $1.6 billion. “The gesture has not only a practical value, but also a strong symbolic one, as a sign of communion with the Pope and attention to the needs of one’s brothers.” Pope Francis hi… Nov 21st 2019. Vatican incomeToday’s financial statement came on the eve of the Peter’s Pence collection that will be taken up in Catholic churches throughout the world on Sunday, Oct. 4, the feast of St. Francis of Assisi. Note that if the article is from a wire service such as Catholic News Service, Religion News Service, or the Associated Press, we will not have direct contact information for the author. It shows that 67 million euros ($78 million) were spent by the Administration of the Patrimony of the Holy See, the Vatican office that manages the assets of the Holy See, such as its real estate holdings. The Vatican City state employed 4,822 persons in 2016. What are considered to be exorbitant salaries of certain external actors were at … The figures do not include the budgets of the Vatican Museums, donations to the Peter’s Pence charitable fund, the Vatican bank or numerous other funds and institutions, which together brought in over $4.7 billion in 2019. Pope Benedict XVI called Peter’s Pence “the most characteristic expression of the participation of all the faithful in the Bishop of Rome’s charitable initiatives in favor of the universal church” in a 2006 speech cited on the Secretariat of State’s website. “I believe that we are learning from past mistakes or imprudence,” he added. (Credit: Stock image.) The COVID-19 pandemic has wreaked havoc with Vatican finances, forcing it to dip into reserves and implement tough cost controls. Nov 21st 2019. The Vatican is using donations for the poor to fight its budget deficit, report says Published Wed, Dec 11 2019 1:52 PM EST Updated Wed, Dec 11 2019 … In order to be considered for publication, letters should be brief (around 200 words or less) and include the author’s name and geographic location. We have to walk together. It is doing a great job of ensuring clarity, transparency and order.”. This one is breaking them. Use of and/or registration on any portion of this site constitutes acceptance of our. The dicastery has a staff of around 530 persons that transmit the messages of the pope and the Holy See across the globe in 40 languages, by television, radio, social media, print and photography around the clock. It shows that the Roman Curia’s 307 million euros ($361 million) in income came from three different sources. If you have a message for the author, we will do our best to pass it along. Ten million euros (5 percent of the total expenditure) went to the Vatican Library, which includes money for the upkeep of perhaps the world’s greatest patrimony of ancient texts and church writings and documents dating back to the early centuries of the church. this helps us promote a safe and accountable online community, and allows us to update you when other commenters reply to your posts. Big questions persist on Vatican finances. Vatican City, Oct 29, 2019 / 02:03 pm (CNA).- An Italian dermatology hospital and two senior cardinals are at the center of a burgeoning financial scandal involving a Vatican bank, the …