Vatican City: The Institute for Religious Works, commonly known as the “Vatican bank,” announced June 11 that it recorded a net profit of $44 million in 2020. Cardinal Santos Abril y Castelló, president of the Supervisory Commission of Cardinals, said that he was “delighted” by the figure considering the coronavirusContinue Reading
Vatican City: Pope Francis issued a new law Dec. 28 reorganizing Vatican finances following a series of scandals. In a document issued Dec. 28, the pope formalized the transfer of financial responsibilities from the Vatican’s Secretariat of State to the Administration of the Patrimony of the Apostolic See (APSA), whichContinue Reading
Vatican City: Pope Francis on Oct. 5 named Cardinal Kevin Farrell president of a committee to monitor internal Vatican financial decisions which fall outside of new accountability norms. Called the “Commission for Reserved Matters,” the five-member group is tasked with overseeing financial agreements which are exempted from Pope Francis’ newContinue Reading
Vatican City, June 16,2020: Pope Francis appointed Fabio Gasperini, an Italian financial adviser working at Ernst & Young, to the second-ranking position at the Administration of the Patrimony of the Apostolic See (APSA) on June 15. This is the first time in its history that the secretary of APSA willContinue Reading
