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WORLD-Vatican finds millions tucked away

VATICAN CITY –– The Vatican’s economy minister has said hundreds of millions of euros were found “tucked away” in accounts of various Holy See departments without having appeared in the city-state’s balance sheets.

In an article for Britain’s Catholic Herald Magazine to be published tomorrow, Australian Cardinal George Pell wrote that the discovery meant overall Vatican finances were in better shape than previously believed.

Cardinal George Pell

Cardinal George Pell

“In fact, we have discovered that the situation is much healthier than it seemed, because some hundreds of millions of euros were tucked away in particular sectional accounts and did not appear on the balance sheet,” he wrote.

“It is important to point out that the Vatican is not broke . . . . The Holy See is paying its way, while possessing substantial assets and investments,” Pell said, according to an advance text made available today.

Pell did not suggest any wrongdoing but said Vatican departments had long had “an almost free hand” with their finances and followed “long-established patterns” in managing their affairs.

“Very few were tempted to tell the outside world what was happening, except when they needed extra help,” he said, singling out the once powerful Secretariat of State as one department that had especially jealously guarded its independence.

“It was impossible for anyone to know accurately what was going on overall,” said Pell, head of the new Secretariat for the Economy that is independent of the now downgraded Secretariat of State.

Pell is an outsider from the English-speaking world transferred by Pope Francis from Sydney to Rome to oversee the Vatican’s often muddled finances after decades of control by Italians.

Pell’s office sent a letter to all Vatican departments last month about changes in economic ethics and accountability.

As of January 1, each department will have to enact “sound and efficient financial management policies” and prepare financial information and reports that meet international accounting standards.

Each department’s financial statements will be reviewed by a major international auditing firm, the letter said.

Since the pope’s election in March, 2013, the Vatican has enacted major reforms to adhere to international financial standards and prevent money laundering. It has closed many suspicious accounts at its scandal-rocked bank.

In his article, Pell said the reforms were “well under way and already past the point where the Vatican could return to the ‘bad old days’.”

Source: (Reuters)

7 Responses to WORLD-Vatican finds millions tucked away

  1. Greitcha Smith
    Greitcha Smith December 5, 2014 at 7:44 am

    Since they didnt know it was there and so hadn’t missed it perhaps they could send some to Barbados coz we in dire need here. First stop could be the QEH so that they can stock up the medical supplies.

  2. Jeanne Marie Maycock
    Jeanne Marie Maycock December 5, 2014 at 8:43 am

    Divide it up among the poor countries of the world. Barbados could do with a few million. Thanks Vatican!

  3. Yvonne Griffith
    Yvonne Griffith December 5, 2014 at 11:09 am

    No kidding!

  4. Yvonne Griffith
    Yvonne Griffith December 5, 2014 at 11:09 am

    No kidding!

  5. Francis McClean
    Francis McClean December 5, 2014 at 11:35 am

    Millions…..tucked away…..let me see…..hmmmmmm. Tucked……

  6. Anita Winter
    Anita Winter December 5, 2014 at 12:11 pm

    Are we supposed to be surprised! That lot are so corrupt.

  7. Ingrid Kinch
    Ingrid Kinch December 5, 2014 at 2:21 pm

    send all of it to the republic of congo


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