Administration of Secretariat of State holdings passes to APSA

APSA – Administration of the Patrimony of the Apostolic See

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Administration of Secretariat of State holdings passes to APSA A Motu Proprio of Pope Francis officially authorizes the move announced in an earlier letter to Cardinal Parolin, after preparation by a special commission. It strengthens the Secretariat for the Economy’s role of authority while giving it duties as a papal secretariat over economic and financial matters.

By Vatican News

With his Motu Proprio focusing on areas of competence in economic and financial matters, dated December 26 and published today, Pope Francis authorizes and makes operational beginning January 1, 2021, the transition of management of financial investments and real estate holdings owned by the Secretariat of State, including administration of Peter’s Pence, over to the Administration of the Patrimony of the Apostolic See (APSA). Pope Francis previously announced this decision in a letter last August to the Cardinal Secretary of State Pietro Parolin, later developed by a special "Commission of passage and control" established in early November.

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The transfer marks a significant step towards a centralized management of investments, which decreases autonomy, increases oversight, and demonstrates how Pope Francis not only launches reforms, but accompanies them with precise guidelines. The Pope, at the beginning of the Motu Proprio, writes that "a better organization of the administration, control and supervision of the economic and financial activities of the Holy See" is fundamental in the reform of the Curia "to ensure transparent and efficient management and clear definition of responsibilities and roles". On the basis of this principle, the "Secretariat of State, which also supports more closely and directly the action of the Supreme Pontiff in his mission and represents an essential point of reference for the activities of the Roman Curia, it would not be deemed appropriate for it to carry out these responsibilities in economic and financial matters already given to the competence of other Dicasteries".

In the first article of the Motu Proprio, the Pope establishes that starting from January 1, 2021, "the ownership of funds and bank accounts, of securities and real estate investments, including investments in companies and investment funds, up until now registered in the name of the Secretariat of State" will be transferred to APSA, “which will handle their management and administration”. They will be subjected to ad hoc oversight by the Secretariat for the Economy (SPE), which "from now on will also perform the function of Papal Secretariat for Economic and Financial Matters".

The Secretariat of State "transfers as soon as possible, no later than February 4, 2021, all its cash funds held in bank accounts in its name at the Institute for Works of Religion (IOR) or in foreign bank accounts, to the Administration of the Patrimony of the Apostolic See to the bank account noted by it”. If it is not possible or advantageous to change ownership of the accounts, the Secretariat of State must provide the President of APSA with a general power of attorney by February 4, "giving him exclusive powers of ordinary and extraordinary administration" for "the management of bank accounts; the management of shares and securities held by the Secretariat of State; the exercise of the rights deriving from the holdings of the Secretariat of State in companies and investment funds; the management of properties owned directly or indirectly by the Secretariat of State ".

Starting from the financial year 2021, the papal document says, "contributions for any reason due or freely devolved to the Holy See by ecclesial authorities of any type", including those of the Governorate and the IOR, "will be deposited in an account called the General Budget of the Holy See, managed by the Administration of the Patrimony of the Apostolic See according to current norms, on the basis of the approved budget”. The transfers of the amounts from the General Budget account to APSA must be authorized by the Prefect of the Secretariat for the Economy. The payment of ordinary and extraordinary expenses of the Secretariat of State will be made by APSA according to "the budget of the same Secretariat approved on the basis of current legislation".

In the second article Pope Francis establishes that APSA establishes a budget provision called Papal Funds, which, for greater transparency, will be part of the consolidated financial statements of the Holy See, for which separate accounting must be kept, with the opening of specific sub-accounts for Peter’s Pence and the "Discretionary Fund of the Holy Father", as well as each of the funds with particular donation requirements by will of the donors. Each of these funds maintains its own purpose. APSA will update the Secretariat of State on the status of the funds. The expenses and the acts of disposal from the Discretionary Fund of the Holy Father may only be undertaken according to “his personal decision”. Regarding non-budgeted payments or investments authorized by the President of APSA, there must always be the countersignature of the Prefect of the Secretariat for the Economy.

The third article deals with supervision and control, and establishes that all the authorities noted in article 1 §1 of the Statutes of the Council for the Economy, including those hitherto under the economic and financial control of the Secretariat of State, "are subject to the control, supervision and direction of the Secretariat for the Economy as defined by its Statute and by current norms, with the sole exception of those authorities for which the Holy Father has expressly provided otherwise". The budget and final balances "are sent to the Secretariat for the Economy, which submits them to the Council for the Economy for their approval".

Finally, with the fourth article, the Pope notes that the Administrative Office of the Secretariat of State maintains "only the human resources necessary to carry out the activities relating to its internal administration, the preparation of its budget and final balance and other non-administrative functions carried out so far ". The Office's archive concerning investments and funds is to be transferred to APSA.

(Quotes from the Motu Proprio a working translation from the Italian)

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28 December 2020, 13:36

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