Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

2/25/2014 (6 months ago)

Catholic Online (www.catholic.org)

Long considered dark and clandestine, pope happily invites experts to examine church's finances

In a further bid to make the internal workings of the Catholic Church more accessible to the outside world, Pope Francis has invited experts from around the world to examine the Vatican's finances. The pope reiterated that the church must use its wealth to help the poor.

Under the new plan, a new Secretariat for the Economy will report directly to the pope and will be headed by 72-year-old Australian Cardinal George Pell, who is currently the Archbishop of Sydney and a key proponent of financial transparency in a committee that advised the pope.

Under the new plan, a new Secretariat for the Economy will report directly to the pope and will be headed by 72-year-old Australian Cardinal George Pell, who is currently the Archbishop of Sydney and a key proponent of financial transparency in a committee that advised the pope.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

2/25/2014 (6 months ago)

Published in Living Faith

Keywords: Pope Francis, Vatican, finances, IOR, APSA, Australian Cardinal George Pell


LOS ANGELES, CA (Catholic Online) - Pope Francis, elected nearly a year ago, used a document known as a "Motu Proprio," which is Latin for "by his own initiative" - to implement immediate changes to the Vatican's scandalized finances, including appointing an auditor-general.

The document says the Church must see its possessions and financial assets in the "light of its mission to evangelize, with particular concern for the most needy."

See how you can light up the darkness -- by going here --

Under the new plan, a new Secretariat for the Economy will report directly to the pope and will be headed by 72-year-old Australian Cardinal George Pell, who is currently the Archbishop of Sydney and a key proponent of financial transparency in a committee that advised the pope. Pell will move shortly to Rome, representatives say.

The auditor-general will have wide oversight powers "to conduct audits of any agency of the Holy See and Vatican City State at any time," a statement read.

Effectively a new ministry, the Secretariat will be headed by Pell and guided in policy making by a new 15-member Council for the Economy. Made up of eight prelates and seven lay financial experts, the council will have "strong professional financial experience" from around the world, according to the statement.

The Motu Proprio's title is "Faithful and Prudent Administrator." A Vatican statement said the changes "will enable more formal involvement of senior and experienced experts in financial administration, planning and reporting and will ensure better use of resources, improving the support available for various program, particularly our works with the poor and marginalized."

Francis decreed that the changes have "immediate, full and stable effect," abrogating any existing rules not compatible with them.

The Administration of the Patrimony of the Apostolic See, or APSA, which manages financial holdings and real estate, will assume the role of the Vatican's central bank and have "all the obligations and responsibilities of similar institutions around the world," the statement said.

A Vatican spokesman said that the role and structure of the separate Vatican bank, formally known as the Institute for Works of Religion, or IOR, will not change for the time being.

Francis has not ruled out closing the bank, which primarily handles funds for religious orders and Vatican employees.

The IOR and APSA have previously been at the center of scandals. Italian magistrates are investigating the IOR on allegations of money laundering.

Pope Francis calls for your 'prayer and action'...

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for September 2014
Mentally disabled:
That the mentally disabled may receive the love and help they need for a dignified life.
Service to the poor: That Christians, inspired by the Word of God, may serve the poor and suffering.



Comments


More Living Faith

If Christ Has Not Been Raised Our Preaching and Our Faith is Empty Watch

Image of We too,you and me, will be raised from the dead. Only then will our redemption be complete. We are works in progress. However, that new life can begin even now for those with eyes of living faith, hearts filled with His presence, and minds renewed by the Light of the Truth which Jesus has fully revealed and imparts to those who love and follow Him.

By Deacon Keith A Fournier

When we learn to embrace the implications of that empty tomb, and allow grace to work within us, we are made ready for eternity - by living differently every day. The Resurrection provides a framework, a hermeneutic, a lens of meaning, for everything that happens ... continue reading


Pope Francis at risk of an assassination attempt by Islamic State Watch

Image of There was an assassination attempt on Pope John Paul II in 1981 by Turk Mehmet Ali Agca. That Pope later forgave his attacker.

By Catholic Online (NEWS CONSORTIUM)

Pope Francis at risk of an assassination attempt by ISIL'Band of criminals' could have Pope Francis in its sights prior to his visits to Albania, TurkeyCatholic Online (NEWS CONSORTIUM)Iraq's ambassador to the Holy See warns that there are credible threats against ... continue reading


Patriarchs ask faithful to help 'save Christianity in the Middle East' Watch

Image of Syriac Catholic Patriarch Ignace Joseph III Younan prayed during an ecumenical service in Washington last week.

By Catholic Online (NEWS CONSORTIUM)

Five Catholic and Orthodox patriarchs from the Middle East urged Westerners to take action to help ensure that Christians and other minorities can remain in the region. "Christians are not (just) looking for humanitarian aid. They are looking for humanitarian ... continue reading


With just six months to live, news anchorman finds comfort with God Watch

Image of Dave Benton announced on his Illinois show that he had only six months left to live after a long battle with brain cancer.

By Catholic Online (NEWS CONSORTIUM)

An Illinois news anchorman with Champaign WCIA-TV shared heartbreaking news with his viewers on September 11, revealing that after a lengthy battle with cancer, he had only six months to live. LOS ANGELES, CA (Catholic Online) - The 51-year-old anchorman, Dave ... continue reading


Did a Catholic Online candle contribute to a miracle? Here's a yes!

Image of Did a prayer candle have a role in a recent miracle?

By Catholic Online (NEWS CONSORTIUM)

Catholic Online has received many comments thanking us for sharing the prayers of the faithful. Catholic Online has a vibrant prayer community and we are happy to report another miracle. LOS ANGELES, CA (Catholic Online) - Mika T.* sent an email to Catholic Online ... continue reading


Pope Francis denounces ongoing global conflict as 'piecemeal' World War III Watch

Image of Pope Francis, who has often condemned the concept of war in God's name, said it would be legitimate for the international community to use force to stop

By Catholic Online (NEWS CONSORTIUM)

In his visit to the Redipuglia monument, the resting place of 1000,000 Italian soldiers killed during World War I, Pope Francis condemned ongoing conflicts across the globe. "Humanity needs to weep and this is the time to weep. Even today, after the second ... continue reading


Fr Peter M. J. Stravinskas on the Exaltation of the Holy Cross Watch

Image of Rev. Peter M. J. Stravinskas, Ph.D., S.T.D. is the Executive Director of the Catholic Education Foundation.

By Fr Peter M. J. Stravinskas,Ph.D., S.T.D.

Every cross borne by any believer in history gains meaning and becomes life-giving when it is brought into a relationship with the Cross, the Cross from which Jesus reigned as the King of Love and over which He triumphed in His glorious Resurrection.  The ... continue reading


Two U.S. priests appointed by Pope Francis to address clergy sexual abuse Watch

Image of Father Oliver had previously served as a judge and promoter of justice in Boston tribunals and as a consultant to the Boston archdiocesan review board.

By Catholic Online (NEWS CONSORTIUM)

Addressing the sexual abuse of minors by clergy within the Catholic Church, Pope Francis has appointed two U.S. priests to top positions at the Vatican. Father Robert W. Oliver, from Boston and Jesuit Father Robert J Geisinger, a member of the Chicago-Detroit ... continue reading


The truth about climate change

Image of Pope Benedict is known as the 'Green Pope' because of statements he has made on the environment. Pope Francis is also said to be working on an encyclical about the environment.

By Tony Magliano

"Can we remain indifferent before the problems associated with such realities as climate change .  loss of productivity in vast agricultural areas, the pollution of rivers and aquifers, the loss of biodiversity, the increase of natural catastrophes and the ... continue reading


Cardinal George compares forcing of sexual agenda to Sharia law Watch

Image of Cardinal George compared American culture and government to Sharia law in the way it treats mainstream Christians.

By Catholic Online (NEWS CONSORTIUM)

Cardinal George has criticized the imposition of a "public creed" to force acceptance of sexual depravity across the nation, enforced with the power of law. Cardinal George compared the forcing to Sharia law in some countries. LOS ANGELES, CA (Catholic Online) - Head ... continue reading


All Living Faith News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, First Corinthians 15:35-37, 42-49
35 Someone may ask: How are dead people raised, and ... Read More

Psalm, Psalms 56:10-12, 13-14
10 In God whose word I praise, in Yahweh whose word I ... Read More

Gospel, Luke 8:4-15
4 With a large crowd gathering and people from every ... Read More

Saint of the Day

Saint of the Day for September 20th, 2014 Image

Sts. Andrew Kim Taegon, Paul Chong Hasang, and Companions
September 20: Feastday: September 20 The evangelization of Korea began ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter