Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

8/10/2014 (10 months ago)

Catholic Online (www.catholic.org)

Vatican's former Secretary of State stands by investment

Pope Francis has tried to loosen ties between the Catholic Church and Italy's business and political world. The pontiff considers this longstanding network of relations improper and antithetical to the Church's religious mission. To this end, the Vatican has written off an investment of 15 million euros to fund religious films.

The Vatican's at-the-time Secretary of State Tarcisio Bertone ordered the investment in Lux Vide SpA. He said the company shared the Holy See's 'lofty goal of evangelization.'

The Vatican's at-the-time Secretary of State Tarcisio Bertone ordered the investment in Lux Vide SpA. He said the company shared the Holy See's "lofty goal of evangelization."

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

8/10/2014 (10 months ago)

Published in Europe

Keywords: Poep Francis, debt, TV station, Secretary of State Tarcisio Bertone, Lux Vide SpA


LOS ANGELES, CA (Catholic Online) - The Vatican bank two years ago invested in an Italian television company that makes family movies, including films about popes and a series about a bike-riding country priest who helps police solve crimes.

The Vatican's at-the-time Secretary of State Tarcisio Bertone ordered the investment in Lux Vide SpA. He said the company shared the Holy See's "lofty goal of evangelization."

SAVE Iraqi Christians from Genocide --

Bertone, who was the second-in-command to former Pope Benedict, pushed the deal through despite objections from the bank's director and board members.

The Vatican last month booked a loss for the entire amount spent, as part of a wider review of Vatican finances that has also led to the closure of hundreds of accounts at the Institute for Religious Works, or IOR.

The Vatican bank two years ago invested in an Italian television company that makes family movies, i

The Vatican bank two years ago invested in an Italian television company that makes family movies, including films about popes and a series about a bike-riding country priest who helps police solve crimes.


Bertone still stands by the decision to invest in the television company, said that when the bank approved the deal it did so with the board's unanimous consent.
Pope Francis, in his first 16 months in office, Pope Francis has strived to reform the Curia, as the Vatican's central administration is called. He has hired international consulting firms to improve financial accounting procedures. He has also given broad economic powers to an Australian cardinal seen as distant from the centers of power in Italy.

One of the biggest changes has been to curtail the powers of the Vatican Secretary of State, in particular over the Holy See's financial affairs.

The Secretary of State has always held an important role, serving effectively as deputy pope. Bertone had amassed an unusually overarching power over Vatican administration and finances when he held the role between 2006 and 2013.

Former Pope Benedict reportedly had little interest in administrative affairs and gave Bertone free rein in running the Vatican administration.

According to former bank executives, Bertone backed a proposal for the IOR to buy up to 25 percent of Lux Vide in 2010 and, again in 2012. The bank's directors tried to reject the deal both times, saying it was not in the IOR's interest to invest in television companies.

But the deal was eventually approved. "The board said 'this is not a good idea' but could not block the deal," a current bank official said. "The message was: the boss (Bertone) wants this."

However -- under the new structure created by Pope Francis, Bertone's successor as Vatican secretary of state, Cardinal Pietro Parolin, has no direct power over any of the financial affairs of the Holy See, including the IOR and APSA, the Vatican's asset management and investment arm. Pope Francis appointed an independent team of experts to oversee APSA, a sprawling entity that controls the Vatican's real estate holdings and acts as a central purchasing and human resources department, to see whether its deals are central to the mission of the Church.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for June 2015
Universal:
That immigrants and refugees may find welcome and respect in the countries to which they come.
Evangelization: That the personal encounter with Jesus may arouse in many young people the desire to offer their own lives in priesthood or consecrated life.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Europe

The new 'Iron Curtain': Hungary plans massive border fence to keep migrants out Watch

Image of Border fence between United States and Mexico.

By Talia Ramos (NEWS CONSORTIUM)

Critics are not happy with the Hungarian government's plan to construct a 13-foot high border fence to narrow down the influx of illegal migrants coming to their country. The planned border is being compared to the historically terrifying Auschwitz and Iron Curtain ... continue reading


Horrific terrorist attacks in France, Tunisia and Kuwait unleashed simultaneously Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Three different terrorist attacks occurred in three different areas, leaving a bloody line of death across three continents. The recent and horrific attacks reawaken the fear that ISIS' influence knows no boundaries. LOS ANGELES, CA (Catholic Online) - The attacks took ... continue reading


Mystery surrounds disappearance of American woman on ancient Catholic pilgrimage in Spain Watch

Image of Denise Thiem mysteriously disappears during her Catholic Pilgrimage in Spain.

By Linky C. (NEWS CONSORTIUM)

Denise Thiem, an American woman who quit her job to go around the world, disappeared while in a Catholic Pilgrimage in Astorga, Spain and has been missing for more than three months  Thiem's family is continuously searching for answers from the Spanish authorities ... continue reading


Riots and protests prompt the banning of the Uber taxi service in France Watch

Image of The taxi protests in Paris have shined yet another unflattering spotlight on the world's most popular tourist destination. Politicians on both sides of the spectrum condemned the violence.

By Catholic Online (NEWS CONSORTIUM)

Denied their livelihood by the cyber-taxi service Uber, which pairs up paying passengers with unlicensed drivers, cab drivers overturned cars and blocked roads in Paris. The Uber service is already illegal in France, and the French government reiterated this ... continue reading


ZOMBIE PARANOIA: Gravesites suggest that fear of reanimated dead stretches back to ancient Greece Watch

Image of The head and feet of one skeleton were covered with a

By Catholic Online (NEWS CONSORTIUM)

Modern man enjoys movies and TV shows involving the recently reanimated dead - "zombies," but in antiquity, the fear of the deceased suddenly coming back to life to wreak havoc with the living was at one time a real one. Skeletons have been unearthed and found ... continue reading


Ukraine's fragile ceasefire nearing collapse as rebels pound government positions Watch

Image of Fighters in Russian military uniforms and equipped with Russian military gear, though lacking insignias, have been spotted in Ukraine since early last year, part of a destabilizing effort to overthrow the Kiev government.

By Matt Waterson (NEWS CONSORTIUM)

The abundance of evidence that Russia is covertly and overtly assisting Ukrainian rebels in their fight against Kiev continues to grow, and now the commander of U.S. forces in Europe said that there is "clear and irrefutable evidence" that Russia is actively ... continue reading


Panicked Greeks withdraw $1 billion from banks in a single day Watch

Image of Expressing a mood of panic, and a resignation that no further help from Europe is forthcoming, Greeks withdrew over $1.1 billion dollars from their bank accounts last week.

By Catholic Online (NEWS CONSORTIUM)

Expressing a mood of panic, and a resignation that no further help from Europe is forthcoming, Greeks withdrew over $1.1 billion dollars from their bank accounts last week. This pushes the beleaguered European nation closer towards a default. LOS ANGELES, CA ... continue reading


Doctors found euthanizing patients without knowledge -- or consent in Belgium Watch

Image of Belgium became the first nation in the world in 2014 to eliminate age limits for euthanasia, allowing terminally-ill children to end their lives.

By Catholic Online (NEWS CONSORTIUM)

In the "forward-thinking" European nation of Belgium, it has been discovered that many doctors there - pun intended. - have been "jumping the gun." Raphael Cohen-Almagor, a professor of philosophy and ethics at the United Kingdom's Hull University, has ... continue reading


Pope Francis' environmental encyclical will be published this Thursday Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Pope Francis' long awaited environmental encyclical, entitled Laudato Si, on the care of our common home will be published this Thursday. The encyclical tackles issues such as climate change. It is expected to be met with controversy. LOS ANGELES, CA (Catholic ... continue reading


Pope's former ambassador to the Dominican Republic faces child sexual abuse charges Watch

Image of Jozef Wesolowski served as nuncio to Bolivia, Kazakhstan, Tajikistan, Kyrgyzstan and Uzbekistan. The Vatican said it was investigating Wesolowski in August of 2013 and removing him from his post.

By Catholic Online (NEWS CONSORTIUM)

Pope's former ambassador to the Dominican Republic, Jozef Wesolowski will be tried at the Vatican on child sexual abuse charges beginning next month, the Vatican says. The 66-year-old Wesoloswki is the highest-ranking former Vatican official to be arrested for ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Genesis 19:15-29
15 When dawn broke the angels urged Lot on, 'To your ... Read More

Psalm, Psalms 26:2-3, 9-10, 11-12
2 Probe me, Yahweh, examine me, Test my heart and my ... Read More

Gospel, Matthew 8:23-27
23 Then he got into the boat followed by his ... Read More

Saint of the Day

Saint of the Day for June 30th, 2015 Image

First Martyrs of the See of Rome
June 30: The holy men and women are also called the “Protomartyrs of ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter