Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

8/10/2014 (7 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 (7 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 March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.



Comments


More Europe

CO-PILOT LOCKED CAPTAIN OUT OF COCKPIT: Chilling last minutes of Germanwings Airbus crash revealed Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Investigators have recovered key information from the French Alps wrecked Germanwings Airbus A320's black box and voice recorder. The co-pilot, 28-year-old German, Andreas Lubitz, intentionally locked the captain out of the cockpit and deliberately crashed into a ... continue reading


STANDING FIRM: Nearly 500 British priests urge synod to stand firm on Communion for the remarried Watch

Image of An extraordinary synod last year provoked heated debate on the question of whether remarried Catholics should be permitted to receive Holy Communion, which was a proposal presented by retired German Cardinal Walter Kasper.

By Catholic Online (NEWS CONSORTIUM)

Nearly 500 British priests have signed a letter urging those attending this year's family synod to issue a "clear and firm proclamation" upholding Church teaching on marriage. An extraordinary synod last year provoked heated debate on the question of whether ... continue reading


Pope Francis sends message to families of victims in Germanwings' French Alps crash, as black box and cockpit recorder recovered Watch

Image of Families are hit with grief as the search for bodies continues.

By Abigail James (NEWS CONSORTIUM)

150 people were killed in the tragic Germanwings A320 Airbus crash in the snowy French Alps earlier this week. Pope Francis has come forward with some words of comfort for all those involved in the horrific accident. LOS ANGELES, CA (Catholic Online) - Pope Francis ... continue reading


GAS ATTACK FEARED: Islamist State may launch attack on London's Underground subway system Watch

Image of The 1995 sarin gas attack on the Tokyo subway killed 13 people. Experts now fear that Islamist State agents returning to the United Kingdom will launch similar offenses.

By Catholic Online (NEWS CONSORTIUM)

Islamic State militants returning to the United Kingdom could attack London Underground trains or football matches with chlorine gas. That is the frightening estimation from chemical weapons expert Hamish de Bretton-Gordon, a retired head of chemical and ... continue reading


Plane crash in French Alps: All 150 feared dead Watch

Image of

By Abigail James (NEWS CONSORTIUM)

An airplane carrying 150 people crashed Tuesday in the French Alps. All 144 passengers and six crew members are presumed dead. LOS ANGELES, CA (Catholic Online) A Germanwings Airbus A320 was traveling from Barcelona, Spain to Dusseldorf  Germany. During mid ... continue reading


Spanish priest performs 13 exorcisms on anorexic girl Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

Spanish priest and official exorcist of Valladolid, Jesus Hernandez Sahagun was arrested and is now facing charges of gender violence, causing injury and mistreatment, according to the Daily Mail. The priest has allegedly performed 13 exorcisms on the girl, who was ... continue reading


Pope Francis mobbed by cloistered nuns during Naples trip Watch

Image of The prison visit formed part of a very busy day for Pope Francis in the city 150 miles south of Rome.

By Catholic Online (NEWS CONSORTIUM)

Mobbed by a group of excited nuns during his visit to Naples Cathedral, a cardinal exclaimed, "They are going to eat him!" Usually observing the rules of "papal enclosure" and rarely allowed to leave their nunneries, the sisters let out of their convents for ... continue reading


Bishop Williamson excommunicated - again, for illicitly ordaining bishop against papal orders Watch

Image of Bishop Williamson has criticized the leaders of the SSPX for being

By Catholic Online (NEWS CONSORTIUM)

For the second time, Bishop Richard Williamson has been automatically excommunicated -- along with the priest, he illicitly ordained a bishop. Williamson violated Church law when he ordained 73-year-old Father Jean-Michel Faure without papal approval during a ... continue reading


Ukraine rebels threaten to end ceasefire amid disputes over voting Watch

Image of Ukrainian fighters have been using the cease-fire agreement to rearm and train.

By Matt Waterson (NEWS CONSORTIUM)

The cease-fire that has been in effect in Ukraine for a little over a month may be over following threats from leadership of the Russian-backed separatists in Eastern Ukraine. LOS ANGELES, CA (Catholic Online) - On March 18, Alexander Zakharchenko and Igor ... continue reading


Learn St. Patrick's Prayer against Paganism

Image of

By Catholic Online (NEWS CONSORTIUM)

This prayer of St. Patrick called "St. Patrick's Breast-Plate" was composed as he prepared for his most important battles against the paganism of the Druids. CHESAPEAKE, VA. (Catholic Online) - This prayer of St. Patrick called "St. Patrick's Breast-Plate" was composed ... 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 17:3-9
3 And Abram bowed to the ground. God spoke to him as ... Read More

Psalm, Psalms 105:4-5, 6-7, 8-9
4 Seek Yahweh and his strength, tirelessly seek his ... Read More

Gospel, John 8:51-59
51 In all truth I tell you, whoever keeps my word ... Read More

Saint of the Day

Saint of the Day for March 26th, 2015 Image

St. Margaret Clitherow
March 26: St. Margaret Clitherow was born in Middleton, England, in 1555, ... 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