COUNCIL FOR ECONOMY MEETS TO APPROVE HOLY SEE 2020 FINAL BALANCE SHEET – 2020 ASIF REPORT SHOWS CONSTANT IMPROVEMENT

It is well known that the Vatican is in financial difficulty as we see from some figures published several times a year.   A Vatican statement, for example, on February 19 noted that the Secretariat for the Economy expects a multimillion-dollar deficit for 2021.

That statement noted that, “With total revenues of 260.4 million euros and expenses of 310.1 million euros, the Holy See expects a deficit of 49.7 million euros ($60.3 million) in 2021, heavily impacted by the economic crisis generated by the COVID-19 pandemic.”

A brief statement from the Council for the Economy was released today – that follows. I then offer a link to the Vatican news story about the ASIF.

COUNCIL FOR ECONOMY MEETS TO APPROVE HOLY SEE 2020 FINAL BALANCE SHEET

A meeting of the Council for the Economy was held yesterday afternoon and this morning, July 14 and 15, 2021. The meeting was attended by the president, Cardinal Reinhard Marx, the Secretary, Msgr. Brian Edwin Ferme, and some members of the Council: Cardinals Péter Erdő, Archbishop of Esztergom-Budapest, Joseph William Tobin, Archbishop of Newark, Anders Arborelius, Bishop of Stockholm and Giuseppe Petrocchi, Archbishop of L’Aquila; also Prof. Charlotte Kreuter-Kirchhof, Dr. Eva Castillo Sanz, Dr. Marija Kolak, Dr. Alberto Minali and Dr. María Concepción Osákar Garaicoechea.

Cardinals Wilfrid Fox Napier, archbishop of Durban, Odilo Pedro Scherer, archbishop of São Paulo, Gérald Cyprien Lacroix, archbishop of Québec, Dr. Leslie Jane Ferrar, and the honorable Ruth Maria Kelly

Also present for the assembly at the Vatican were Cardinal Pietro Parolin, Secretary of State, Fr. Juan Antonio Guerrero Alves, prefect of the Secretariat for the Economy (SPE), and Dr. Alessandro Cassinis Righini, auditor general.

The purpose of the meeting was the approval of the Holy See’s final balance sheet for 2020, presented to the extent of their respective competence by the prefect of the SPE, and a reflection on the investment policy of the Holy See, moderated by Dr. Eva Castillo Sanz.

On the evening of July 14, at the end of the session, Cardinal Marx celebrated Mass for those present. The meeting ended at 13:00 on July 15, with the next meeting scheduled for September 2021

2020 ASIF REPORT SHOWS CONSTANT IMPROVEMENT

An extensive account of the activity carried in the past year, an analysis of Moneyval’s positive judgment in the fight against money laundering and the financing of terrorism, the current state of regulation, supervision and financial information as well as of international cooperation are highlighted in the ASIF 2020 Report published today. A summary of the report, along with some graphs can be found here: 2020 ASIF Report shows constant improvement – Vatican News

Vatican media photo: This building – a former prison – now houses IOR, Istituto per le Opera di Religione:

Also this: The Prefect of the Secretariat for the Economy explains the 2021 budget in an interview with Vatican Media: “Our budgeted expenses are the lowest in recent history, but we are not cutting services or restructuring staff.” Fr Guerrero: “The Holy See reduces costs, not its mission” – Vatican News