Vatican Secretary of State Loses Financial Independence

The funds held by the Secretariat of State will soon be managed by the Administration of the Patrimony of the Apostolic See (APSA) and controlled by the Secretariat for the Economy (SPE), VaticanNews.va (November 5) reports.

Francis explains in a letter to Cardinal Parolin that it isn’t necessary that the SoS should manage funds as this task is already assigned to other Dicasteries.

He also orders to exit from the London investments and the Centurion fund “in such a way as to eliminate all reputational risks".

In future, the SoS will operate "by means of a budget approved through the usual mechanisms” like any other Dicastery.

Picture: Pietro Parolin, © Mazur, CC BY-NC-SA, #newsLkehhqxwsu