Vatican City prospers but Holy See loses $18 million
The 2011 figures show that the Holy See is not immune to the world's financial woes, while Vatican City State is buoyed by museum admissions.
- David Kerr
- Vatican City
- July 6, 2012
The Holy See announced a loss of $18.7 million for 2011 – a sharp contrast to a surplus of $14 million the year before.
“The most significant items of expenditure were those relative to personnel – who as of 31 December 2011 numbered 2,832 – and to the communications media considered as a whole,” said a June 5 Vatican statement.
“The result was affected by the negative trend of global financial markets, which made it impossible to achieve the goals laid down in the budget.”
The annual results were published by the Council of Cardinals for the Study of Organizational and Financial Problems of the Holy See, which met July 3 – 4 in Rome under the presidency of the Vatican’s Secretary of State, Cardinal Tarcisio Bertone.
The committee is comprised of senior cardinals from around the world, who have responsibility for financial oversight of the Holy See and Vatican City State. Its ranks include Cardinal Francis George of Chicago.
Meanwhile, the Governorate of Vatican City State announced a surplus of $27.4 million for 2011, although that is down from $30 million in 2010. The relatively healthy financial situation is due in large part to an $11 million increase in revenue from the Vatican Museums. It has welcomed more than five million paying visitors in the past year.
“According to specialized rankings, these figures place the Vatican Museums among the most prestigious and important such institutions in the world,” the statement said.
The term Holy See refers to the central administration of the Church – the Roman Curia – as well as the Pope’s global diplomatic corps. The Vatican City State is a sovereign territory created in 1929. Its governing body – the Governorate – is financially autonomous from the Holy See.
Today’s figures also revealed that the amount given by lay Catholics around the world to the papal “Peter’s Pence” fund rose from $67.7 million in 2010 to $69.7 million in 2011. The money from the annual one-time collection is used to support the Holy See.
Full Story: Holy See announces loss of over $18 million for 2011
Source: Catholic News Agency
“The most significant items of expenditure were those relative to personnel – who as of 31 December 2011 numbered 2,832 – and to the communications media considered as a whole,” said a June 5 Vatican statement.
“The result was affected by the negative trend of global financial markets, which made it impossible to achieve the goals laid down in the budget.”
The annual results were published by the Council of Cardinals for the Study of Organizational and Financial Problems of the Holy See, which met July 3 – 4 in Rome under the presidency of the Vatican’s Secretary of State, Cardinal Tarcisio Bertone.
The committee is comprised of senior cardinals from around the world, who have responsibility for financial oversight of the Holy See and Vatican City State. Its ranks include Cardinal Francis George of Chicago.
Meanwhile, the Governorate of Vatican City State announced a surplus of $27.4 million for 2011, although that is down from $30 million in 2010. The relatively healthy financial situation is due in large part to an $11 million increase in revenue from the Vatican Museums. It has welcomed more than five million paying visitors in the past year.
“According to specialized rankings, these figures place the Vatican Museums among the most prestigious and important such institutions in the world,” the statement said.
The term Holy See refers to the central administration of the Church – the Roman Curia – as well as the Pope’s global diplomatic corps. The Vatican City State is a sovereign territory created in 1929. Its governing body – the Governorate – is financially autonomous from the Holy See.
Today’s figures also revealed that the amount given by lay Catholics around the world to the papal “Peter’s Pence” fund rose from $67.7 million in 2010 to $69.7 million in 2011. The money from the annual one-time collection is used to support the Holy See.
Full Story: Holy See announces loss of over $18 million for 2011
Source: Catholic News Agency
