Vatican Bank shakeup

[eridani]

http://www.economist.com/news/finance-and-economics/21606897-shake-up-catholic-finances-managing-mammon?fsrc=nlw|hig|10-07-2014|5356c587899249e1ccb62fe5|NA

AS HE unveiled an extensive shake-up of the Vatican’s financial structures on July 9th, Cardinal George Pell said Pope Francis would soon name an auditor-general, free to “go everywhere and anywhere” in the walled city-state to root out pecuniary lapses. The appointment of the new official would help the Vatican work towards “transcendency”, the cardinal added, before correcting himself to say “transparency”.

Religion and finance have always sat together uncomfortably, nowhere more so than in the Catholic church. The Vatican City is a natural tax haven. Its Institute for the Works of Religion (IOR)—better known as the Vatican bank—has been wreathed in mystery and tainted by scandal since its involvement in the collapse in 1982 of Banco Ambrosiano (the bank’s chairman, Roberto Calvi, was found hanged under Blackfriars Bridge in London).


But as a result of reforms initiated by Pope Benedict XVI and pursued vigorously by Francis, the outlines are emerging of a more transparent, rational system. Cardinal Pell, a no-nonsense Australian appointed in February to head a new secretariat for the economy, announced two main changes.

The first concerns the Administration of the Patrimony of the Holy See (APSA). Less well-known than the IOR, APSA generates most of the cash to pay for the Vatican’s administration. It has two sections. One oversees the property left to the Vatican after the occupation and eradication of the Papal State during Italy’s unification in the 19th century. The other section invests the papal “nest-egg”: the cash Italy’s fascist dictator, Benito Mussolini, gave the papacy in 1929 to compensate it for the loss of its territories. The first section is to be hived off into Cardinal Pell’s “finance ministry”; the second will become, in effect, the Vatican’s central bank.

[intaglio]

1. Well, let's hope he handles the Vatican Bank better

than he handled the Australian Church during the sex abuse scandals

Cardinal George Pell disputes evidence of his closest advisers
Cardinal George Pell said he was not the kind of person who blamed others — but he was right and his closest advisers were wrong.

The former Sydney Archbishop said three senior members of the church and his private secretary were incorrect on eight occasions when they gave evidence to the child sex abuse royal commission on his involvement and knowledge of the controversial case of former altar boy John Ellis.

/snip

At times angry, Cardinal Pell accused one of his former right-hand men, Monsignor Brian Rayner, of giving “grotesque” evidence about him.

[cbayer]

3. Agree. He has expressed regret about the way he handled that,

so perhaps this is an opportunity to redeem himself.

Not that that would make up for it.

[Brettongarcia]

4. Possibly this "reform" is really to hide the money; before the pederasy suits reach the BANK

[cbayer]

2. Glad he is vigorously pursuing this.

From everything I have seen, it is a real rat's nest.