Positive developments at Vatican Bank

Cardinal Giuseppe Versaldi

Cardinal Giuseppe Versaldi, president of the Prefecture for the Economic Affairs of the Holy See, presented reports on the consolidated financial statement of the Holy See and the Governorate of Vatican City State for 2012, at a meeting yesterday of the Council of Cardinals for the Study of Organisational and Economic Problems of the Holy See, presided over by Cardinal Secretary of State Tarcisio Bertone SDB.

The consolidated financial statement for the Holy See for the year 2012 closed with a profit of €2,185,622. The most significant categories of expenditure are those regarding the cost of personnel, (2,823 persons), social communication, and the new property taxes (IMU) which resulted in an increase in expenditure of € 5,000,000 compared to the previous year's figures.

The administration of the Governorate is autonomous, and independent of contributions from the Holy See. Through its various offices, it supervises requirements related to the administration of the State. The 2012 financial statement closes with a profit of €23,079,800. The Governorate employs a total of 1,936 persons.

Peter’s Pence, the contributions offered by the faithful in support of the Holy Father’s charity, declined from USD 69,711,722.76 in 2011, to USD 65,922,637.08. Contributions made pursuant to canon 1271 of the Code of Canon Law - i.e., the economic support offered by ecclesiastical circumscriptions throughout the world to maintain the service the Roman Curia offers the universal Church - declined from USD 32,128,675.08 in 2011 to USD 28,303,239.28 in 2012, a reduction of 11.91%.

Further contributions to the Holy See from the Institutes of Consecrated Life, Societies of Apostolic Life and Foundations passed from USD 1,194,217.78, in 2011, to USD 1,133,466.91, with a reduction of 5.09%. In total, therefore, there has been a decline of 7.45% compared to the total in US dollars recorded in 2011.

The Institute for the Works of Religion (IOR), as it does each year, offered the Holy Father a significant sum in support of his apostolic and charitable ministry. For 2012 this was a sum of € 50,000,000.

During their meeting the Cardinals reflected on the data presented in the financial statements, acknowledged the positive results attained, and encouraged the reform necessary to reduce costs through the simplification and rationalisation of existent bodies, as well as more careful planning of the activities of all administrations. The Members of the Council expressed their deep gratitude for the support given, often anonymously, to the Holy Father’s universal ministry in spite of moments of economic crisis, and encouraged the continuation of this good work.

The Holy See Press Office also today issued a communique stating that the Egmont Group, a global network of Financial Intelligence Units, has admitted the Financial Intelligence Authority of the Holy See and Vatican City State (AIF) as a full member at its 21st Group Plenary in Sun City, South Africa.

“Membership of the Egmont Group grants access to a global network of FIUs and facilitates the exchange of information in the fight against financial crime. For the Holy See and Vatican City State, this marks a further step in its contribution to this global effort.

“'The admission of AIF to the Egmont Group represents a recognition of the Holy See and Vatican City State's systematic efforts in tracking and fighting money laundering and financing of terrorism', said Rene Brulhart, director of AIF. 'Our admission to this global network will further improve our ability to contribute to the fight against financial crime'.

“The Egmont Group was founded in 1995 and currently consists of more than 130 national FIUs. It provides a forum for FIUs around the world to exchange information and coordinate the fight against money laundering and the financing of terrorism”.

Source: VIS