…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.
The big change at the IOR is that it has a new board and a new president””the third in 26 months (for nine of which the post was vacant).