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Rome Reports

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Secretariat of State will no longer have control of papal funds

Pope Francis has taken another step to reform management of Vatican finances. This new document officially confirms that financial investments and other holdings owned by the Secretariat of State will be managed by APSA, the Administration of the Patrimony of the Apostolic See. This body, in turn, will be overseen by the Secretariat for the Economy.

The law will go into effect on Jan. 1, though the Secretariat of State has until February to deposit its cash funds into an account designated by APSA.

This way the responsibilities of each body are clearly outlined. With APSA, everything will be centralized, to facilitate the management of economic activity. The document also clarifies that access to papal funds will be given only with the pope's approval. This will prevent others from using them without first consulting the pontiff.

The reform also affects some bodies dedicated to charity, such as Peter's Pence, whose administration will also fall to APSA and the Secretariat for the Economy.

Javier Romero
Translation: CT