Loading
Vatican claims net financial loss, sees improvement over 2009
Vatican claims net financial loss, sees improvement over 2009
Facebook Twitter Google+ Pinterest Addthis

.- The Vatican's accounts continue to run in the red but have improved from last year, the Holy See announced on Saturday. Deficits from the past are gradually being reabsorbed.

Three days of meetings took place this week between members of the Council of Cardinals, the Prefecture for the Economic Affairs of the Holy See and the Vatican City State Governorate. The sessions focused on organizational and economic matters of the Holy See and the governorate in 2009.

Archbishop Velasio De Paolis, president of the prefecture and incidentally named the Pontifical delegate to the Legion of Christ on Friday, reported a nearly $5.2 million deficit for 2009 in the Holy See's balance sheet, which contained over $321 million in expenses.

On a positive note, the Holy See's statement explained that the "negative fluctuations" which had been "suspended" in 2008 were "absorbed" this year. Vatican spokesman Fr. Federico Lombardi told journalists that these "fluctuations" amounted to between eight and ten million Euro ($10.1-12.6 million).

Expenses largely result from the activities of Vatican dicasteries and other bodies, including Vatican Radio, that "participate in the pastoral care of the Pontiff of the Universal Church."

The Governorate of the Vatican City State, which is economically independent from the Holy See, reported a deficit of $9.8 million, a little less than half of last year's declared shortfall. While the negative figure was attributed to the effects of the global economic crisis, its "containment" gave the governorate the opportunity to regain momentum from financial losses in 2008.

The Vatican statement underscored that the administration of the governorate does not depend on contributions from the Holy See and that it "autonomously confronts its own economic necessities."

Among the most notable costs during 2009 were those for a study carried out for a new communications infrastructure, improvements to the Vatican Museums, the care of Vatican patrimony which includes all of the Papal basilicas, security within the Vatican and restructuring of the Vatican Apostolic Library.

The three major sources of income for 2009 were contributions from Peter's Pence of $81.5 million, from the Catholic dioceses of the world of $31.5 million and from other institutions including the Vatican's Institute for Works of Religion (IOR) which donated $63.2 million.

The statement concluded with words of gratitude from members of the Council of Cardinals to all who, "in a generous and often anonymous way, sustain the apostolic and charitable ministry of the Holy Father in service of the Universal Church."

Ads by AdsLiveMedia(What's this?)

* The number of messages that can be online is limited. CNA reserves the right to edit messages for content and tone. Comments and opinions expressed by users do not necessarily reflect the opinions or beliefs of CNA. CNA will not publish comments with abusive language, insults or links to other pages

RESOURCES »

Ads by Google (What's this?)
Ads by Google

Featured Videos

Little Sisters of the Poor press conference in Denver
Little Sisters of the Poor press conference in Denver
Family thrilled to see Pope Francis in Istanbul
Syrian Refugee, Sara, 14, Before Meeting Pope
Ebola orphans thousands of children in West Africa
One year after Haiyan: Philippines rebuilds homes, lives
An Indian contribution to the Vatican's Synod on the Family
Christ Cathedral CNA video Sept 2014
Alejandro Bermudez of CNA accepts ice bucket challenge
'The Real Albania,' remembering those who fled
Pope Francis in Albania, "one of the most important visits of the post-communist era in Albania"
Pope Francis greets paralyzed man who risked all to see him
Franciscans on the banks of the Tiber in Rome, working for the New Evangelization
Pilgrimage from Czech Republic to Assisi and Rome for intentions
Testimony of young Indian who met Pope in Korea
Preparations of the Closing Mass of 6th Asian Youth Day
Missionary of Charity, Korea
Testimony of Christian Love during Pope's Visit to Korea
Religious Sisters in South Korea react to Pope Francis kissing a baby
Warm atmosphere during Holy Mass at Daejeon World Cup Stadium
Images inside Pope Francis flight to South Korea
Dec
20

Liturgical Calendar

December 20, 2014

Advent Weekday

All readings:
Today »
This year »

Catholic Daily

Gospel of the Day

Mt 21:23-27

Gospel
Date
12/15/14
12/14/14
12/13/14

Daily Readings


First Reading:: Judg 13: 2-7, 24-25A
Gospel:: Lk 1: 5-25

Saint of the Day

St. Romuald »

Saint
Date
12/15/14

Homily of the Day

Mt 21:23-27

Homily
Date
12/15/14
12/14/14
12/13/14