VATICAN CITY
Crux
By John L. Allen Jr.
Associate editor February 13, 2015
ROME — Pope Francis’ finance czar today informed fellow members of the College of Cardinals that the Vatican has more than $1.5 billion in assets it didn’t previously know it possessed, although that potential windfall has to be balanced against a projected deficit of almost $1 billion in its pension fund.
The discoveries mean that the Vatican’s total assets rise to more than $3 billion, roughly one-third more than previously reported.
The cardinals were also informed that the Vatican’s real estate holdings may be undervalued by a factor of four, meaning that the overall financial health of the Vatican may be considerably rosier than was previously believed.
The disclosures at the closed-door meeting by Australian Cardinal George Pell, installed as secretary for the economy a year ago, was part of a wide-ranging overview of efforts at financial reform under Francis presented today to cardinals from around the world.
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