Pope Francis penned a new missive on the injustices of poverty Wednesday amid indications he is eyeing a major overhaul of the Vatican's financial house by creating a finance ministry to better serve the church.
Honduran Cardinal Oscar Rodriguez Maradiaga, a key adviser in Francis' Group of Eight cardinal cabinet, told the French Catholic newspaper La Croix that creating a "finance secretariat" was needed to better organize the Vatican's diverse financial departments.
He said a cardinal would probably head it, assisted by a permanent advisory body of lay experts....
Penniless, that'll teach you to put money into a Vatican bank!
Sonya Sandage wrote: In March 2012, JP Morgan closed the bank accounts it held for the Vatican because the documentation provided was not thorough. Vatican was asking JPM to move money all around the world for it via wire transfers but the basic Know Your Customer data could not be obtained. When JPM would say, â€śwe need to answer to the regulators on these wire transactionsâ€ť the Vatican Bank would push back and say, â€śWe answer to God,â€ť according to a bank manager at a large European bank.
"Bankers' best guesses about the Vatican's wealth put it at $10 billion to $15 billion. Of this wealth, Italian stockholdings alone run to $1.6 billion, 15% of the value of listed shares on the Italian market. The Vatican has big investments in banking, insurance, chemicals, steel, construction, real estate."