VATICAN CITY
The Australian
TESS LIVINGSTONE THE AUSTRALIAN JULY 17, 2015
Vatican financial chief George Pell last night put his colleagues in the Holy See on notice — the Holy See’s deficit needs to be addressed.
The Vatican released its most comprehensive and transparent balance sheet and the financial picture is mixed.
The Vatican deficit fell from €37.2 million ($54.7m) in 2013 to €25.6m last year. The 30 per cent improvement was mainly due to currency fluctuations that boosted returns on investments.
“But we can’t continue like this for too much longer,’’ Cardinal Pell said in Rome last night.
No staff would be made redundant, the Australian said, but reorganisation of investments, staff development and economies would be needed.
A working group has been set up to identify changes to improve investment returns.
“We’ve also got to make our investments work harder,’’ Dr Pell said.
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