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Vatican: The Secretariat of State will no longer manage its own funds

Vatican: The Secretariat of State will no longer manage its own funds

The Vatican reviewed the financial policy and banned the Secretariat of State of the Holy See to manage its own funds. As FP reports, in yesterday’s meeting the Pope set up a three-person Commission of transfer and control, which came into operation immediately.

Since Wednesday, The Secretariat of State (SoS) becomes the responsibility of the Administration of the Patrimony of the Apostolic See (APSA). Matteo Bruni, papal press officer, made the official announcement of the shift yesterday.

The new Commission of transfer and control includes Archbishop Edgar Peña Parra, Bishop Nunzio Galantino, and Fr Juan Antonio Guerrero. In his efforts to reform the Curia, Pope Francis want to make the administration more transparent.

In light of recent reforms, the pontiff has directed that the Secretariat of State transfer the administration of all financial funds and real estate assets to APSA.

“Particular attention must be paid to the investments made in London and the Centurion fund, from which we must exit as soon as possible, or at least, dispose of them in such a way as to eliminate all reputational risks,” the papal letter continues.

As an illustration of the reforms, the SoS will operate in economic and financial matters “by means of an approved budget with its own procedures required of any Dicastery. Any exception should be approved by the new Commission set up by the pontiff.