The Vatican unveiled the list of its properties in various European countries

The Vatican this Saturday for the first time released the annual budget for a key department that manages properties and investments, days before the start of a controversial investment lawsuit in London.

The information was contained in two documents, a consolidated financial statement for 2020 of the Holy See and the first public budget of the Administration of the Patrimony of the Holy See (APSA), a kind of general accounting office, which manages the assets. real estate and investments. , pays salaries and acts as a purchasing office and human resources department.

Between the two documents – each with an unprecedented number of pie charts, graphs and maps – and two explanatory interviews, the Vatican released more than 50 pages of financial material.

Based on last year’s budget, APSA owns 4,051 properties in Italy, as well as 1,120 in London, Paris, Geneva and Lausanne. In total, the real estate assets amount to a value of 883 million euros (approximately 1,040 million dollars).

One of London buildings, which the Secretary of State bought darkly to transform them into luxury apartments and which generated significant losses, are at the center of the trial which will open on Tuesday.

Vatican to try ten people for crimes related to Secretary of State’s real estate investments in London, including Cardinal Angelo Becciu, who resigned to the Pope last year as prefect of the Congregation for the Causes of Saints after being splashed in an investigation into the sale of a building in London, on Sloane Avenue, and the management of the Óbolo de San Pedro, the fund that collects donations from the faithful for the charitable works of the pontiff.

Cardinal Becciu and the nine other people, includings lay and religious Vatican workers and figures in international finance, in addition to four companies, will appear on July 27 at the first hearing of the trial accused of financial crimes such as embezzlement, money laundering, fraud, extortion and abuse of power.

Vatican Secretary of Economy, Juan Antonio Guerrero, announced on Saturday that they are making great efforts in terms of transparency regarding their finances, a measure that is part of the fight against corruption promoted by Pope Francis.

“We come from a culture of secrecy, but we have learned that in economic matters, transparency protects us more than secrecy“Guerrero assured after the release of the budget.

In the course of the trial, we will seek to determine whether, in the investment in London, there was a corrupt management by senior Vatican officials.

Guerrero argued that the measures applied in recent years “will make it difficult for this to happen again.”

The Holy See, in deficit

According to the published budget, 14% of APSA properties are rented and the money raised goes to Vatican charitable and working funds. The remaining 86% is used by Vatican offices or used to house cardinals and employees of the Holy See.

The Holy See had some revenues of 248 million euros and an expense of 315 million euros. His net worth is around 1,379 million euros and, in terms of cash flow, Roman offices and nunciatures represent 36% of the total budget, while 14% is represented by the Vatican City State, the IOR (Bank of Vatican), the 18%, other foundations and funds 24%, Óbolo de San Pedro 5% and other funds linked to the Secretary of State, 3%.

“The sources of income are already known: 58% (68% in 2019) generated internally (income, investments, visitors and services provided); 23% (18% in 2019) of donations from external sources (dioceses or other institutions) and 19% (14% in 2019), come from related entities (such as the IOR or the government) ”, Guerrero said.

The Holy See explained that its ordinary deficit down by 14.4 million euros in 2020 compared to 2019, since last year it was 64.8 million euros against 79.2 million euros in 2019.

With information from EFE and AFP

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