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Special Adviser Appointed to the Vatican’s ‘Central Bank’ (1421)

One of his duties will be to assist in reorganization of the Administration of the Patrimony of the Apostolic See.

04/09/2014 Comment
CNA

– CNA

VATICAN CITY — The Secretariat for the Economy appointed Franco Dalla Sega as ad interim special adviser to the extraordinary section of the Administration of the Patrimony of the Apostolic See.

“Aside from assisting the secretary of APSA in the conduct of the activities of the section, Dalla Sega will be assigned specific tasks and projects and may be asked for specific advice on the reorganization of APSA in accordance with the broader revision of the economic-administrative structure of the Holy See,” the secretariat announced in an April 5 communiqué.

Dalla Sega, 53, is a lecturer at the Catholic University of the Sacred Heart in Milan and a member of the oversight council of Intesa San Paolo, an Italian bank.

The Administration of the Patrimony of the Apostolic See serves “to administer the properties owned by the Holy See in order to provide the funds necessary for the Roman Curia to function,” according to the apostolic constitution Pastor Bonus, which specifies the governance of the  Roman Curia.

The extraordinary section, to which Dalla Sega has been assigned, “administers its own moveable goods and acts as a guardian for moveable goods entrusted to it by other institutes of the Holy See.”

The assets administered by the section consist of cash, financial instruments and other goods. It may exceptionally carry out financial transactions on behalf of individuals, with the approval of its president, but never for the staff of the administration.

The Administration of the Patrimony of the Apostolic See is led by its president, Cardinal Domenico Calcagno, and its secretary, Father Luigi Misto.

“Reading in depth the press release, it is highly probable that Dalla Sega will be involved in rewriting APSA’s regulation, to fit it to the role of a ‘sui generis’ central bank,” a source familiar with Vatican finances told CNA April 7.

That a wider reform was in the offing was demonstrated by the Oct. 15 announcement made by the administration that a “due diligence” review by the Promontory Financial Group had begun. Due diligence is the evaluation of risks in investments and loans, particularly with regards to the clients in a bank.

However, APSA is not a bank. The Holy See told evaluators from Moneyval, the European Council committee that evaluates adherence to anti-money-laundering standards, that while APSA holds some accounts, such banking-type activity is minimal and will be closed.

The Holy See, in fact, has neither a market nor banks.

According to the source, “the final aim of the Holy See was that of presenting and shaping APSA as a central body of the Catholic Church,” while at the moment, “the new vision is going to give APSA the shape of a true central bank,” even while maintaining its peculiarities.

APSA is a separate institution from the Institute for Religious Works, which is commonly referred to as the Vatican Bank. While the Institute for Religious Works was founded by papal decree in 1942, its assets are not the property of the Holy See.

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