Francis blamed "the irresponsibility of the structure" for past financial scandals.
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"But sometimes the friends were not The Blessed Imelda," the pope said, referring to a 14th-century, 11-year-old Italian girl who is a symbol of childhood purity. Yahoo Finance provides free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates. Many Vatican financial scandals in the past have stemmed from an abundance of trust in financial managers, almost always Italians, who were friends of Vatican officials.ĭiscussing finances in an exclusive interview with Reuters last month, Pope Francis gave the example of priests who had no financial experience being asked to manage the finances of a department and who in good faith sought help from friends in the outside financial sector. It is made up of non-Italians: Irish-American Cardinal Kevin Joseph Farrell, who is based at the Vatican, and four outside lay financial experts in Britain, Germany, Norway and the United States. In June, the Vatican established a committee to oversee investment ethics. The Vatican's financial investments, excluding real estate, are estimated at just under 2 billion euros. 1 for the transfers to be completed, indicating that some departments were dragging their feet. In Tuesday's document, the pope set a deadline of Oct. The policy ordered Vatican departments to close their investment accounts or stock holdings in foreign banks, including in Italy, and transfer them to the IOR, to be overseen by a department called the Administration of the Patrimony of the Holy See (APSA). In July, the Vatican issued an new overarching policy on investments to ensure they are ethical, green, low-risk, and avoid weapons industries or health sectors involved in abortion, contraception or embryonic stem cells. Best in class Yahoo Mail, breaking local, national and global news, finance, sports, music, movies and more. Tuesday's papal document clarified that there were no exceptions to the rule regarding the central role of the Vatican bank, officially known as the Institute for Works of Religion (IOR), as stipulated in an article of the Vatican's new constitution, issued on March 19. Sur Yahoo Finance, faites-vous assister dans votre gestion financire grce toute une gamme d’informations gratuites : cotations d’actions, actualits en temps rel, ressources pour la gestion de portefeuilles, donnes des marchs internationaux, taux hypothcaires ou interaction sociale. Yahoo makes it easy to enjoy what matters most in your world. All the defendants have denied wrongdoing. The botched deal resulted in a loss of 140 million euros ($139.17 million).
It was this practice that allowed the Secretariat of State to invest directly in a London building that is at the centre of a corruption trial.
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