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 Vatican finances in the red

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PostSubject: Vatican finances in the red   Fri Jul 17, 2015 3:33 am

The Holy See's accounts remained in the red in 2014 but showed more than one billion euros in previously off-the-books assets, a statement said Thursday, following a drive to clean up the Vatican's finances.

The annual financial statement, presented by the Pope's economy czar Cardinal George Pell, showed "assets previously off the balance sheet" amounted to 1.1 billion euros ($1.2 billion) while liabilities amounted to 222 million euros -- with net assets increased by 939 million euros.

Australian Pell was last year appointed head of the Secretariat for the Economy by Pope Francis, tasked with the daunting job of revamping the Vatican's byzantine financial system following a wave of scandals including allegations of waste, corruption and even money-laundering.

In December, he said he had stumbled across hundred of millions of euros "tucked away" in various accounts and not on the balance sheet, describing the windfall as a relic of the papacy's medieval set-up.
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