We’ve discovered hundreds of millions of euros off the Vatican’s balance sheet.
Writing exclusively in the first issue of the new Catholic Herald magazine, Cardinal George Pell says that the discovery means that the Vatican’s finances are healthier than they first appeared.
He writes: “It is important to point out that the Vatican is not broke. Apart from the pension fund, which needs to be strengthened for the demands on it in 15 or 20 years, the Holy See is paying its way, while possessing substantial assets and investments.
“In fact, we have discovered that the situation is much healthier than it seemed, because some hundreds of millions of euros were tucked away in particular sectional accounts and did not appear on the balance sheet. It is another question, impossible to answer, whether the Vatican should have much larger reserves.”
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