Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

8/10/2014 (5 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 (5 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'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for January 2015
General Intention:
That those from diverse religious traditions and all people of good will may work together for peace.
Missionary Intention: That in this year dedicated to consecrated life, religious men and women may rediscover the joy of following Christ and strive to serve the poor with zeal.



Comments


More Europe

FEAR GRIPS VATICAN: 'Islamic State is clear. They want to kill the Pope' Watch

Image of Pope Francis has frequently spoken out against the Islamic State group. The Holy See has also voiced its support for U.S. air strikes in Iraq. This has led several to think that this increases the Pope's likelihood as a terrorist target.

By Catholic Online (NEWS CONSORTIUM)

The Vatican is under heightened concern that a terrorist attack may be imminent. Iraq's ambassador to the Holy See, Habib Al Sadr, at the time warned that "what has been declared by the self-declared Islamic State is clear. They want to kill the Pope. The ... continue reading


Is Hitler funny? Leader of far-right German party steps down over inappropriate selfie Watch

Image of PEGIDA (Patriotic Europeans Against the Islamization of the West) is a German far-right group which is for deporting or denying entry for Muslims into Europe.

By Matt Waterson (NEWS CONSORTIUM)

In the wake of the Charlie Hebdo terrorist attacks earlier this month, as well as the numerous acts of terror perpetrated by Muslims throughout Europe over the last several years, Germany is seeing a resurgence of far-right radical groups whose attitudes and ... continue reading


Incredible footage of Lamborghini crashing at 200 MILES PER HOUR! Watch

Image of A Lamborghini Huracan crashed on the M7 motorway going 208 miles per hour. Both passenger and driver survived.

By Matt Waterson (NEWS CONSORTIUM)

Hungarian police have released footage of the first ever Lamborghini Huracan crash at more than 200 miles per hour. LOS ANGELES, CA (Catholic Online) - In 2014 it was reported that a crash over 200mph occurred. A Huracan registered in the Czech Republic hit a barrier ... continue reading


Five bodies found in ancient tomb - could they be Alexander the Great and his mother? Watch

Image of Many experts have discounted the Alexander theory. They say the ancient emperor was more likely buried in Egypt.

By Catholic Online (NEWS CONSORTIUM)

Archaeologists have unearthed bones from at least five people in an uncovered ancient tomb in Greece. Among those discovered was a woman aged over 60, a newborn baby, two men aged between 35 and 45 years of age and another adult of indeterminate age. Since the ... continue reading


If European cities say so - Uber Taxi could create 50,000 jobs Watch

Image of Uber Taxi has been hit with court injunctions in Belgium, France, Germany, the Netherlands and Spain. Uber has also faced protests from taxi firms in major cities, including London.

By Catholic Online (NEWS CONSORTIUM)

Travis Kalanick, chief executive officer of Uber Taxi said in Munich that Uber Taxi could create 50,000 jobs as part of a "new partnership" with European cities. Kalanick says he wants to make 2015 a year of rapid expansion in Europe. LOS ANGELES, CA (Catholic ... continue reading


Why the Islamic State's systematic recruitment of European Muslims is a threat to us all Watch

Image of Lone Wolf terrorism is a new symptom of the Islamist war against Western nations and their values.

By Matt Waterson (NEWS CONSORTIUM)

Muslims from countries in the Middle East make up the largest percentage of members of the Islamic State and other radical Islamist groups. Local Muslims in the Middle East and North Africa constitute the core membership of most Islamist groups; but a new trend is ... continue reading


Will Greece's emergency elections spell the end for European recovery? Watch

Image of Protests, violence and demonstrations from the Greek liberal and leftists threaten the fledgling recovery of the struggling Greek economy.

By Matt Waterson (NEWS CONSORTIUM)

Greece has faced a struggling economy for the better part of a decade, since the worldwide recession hit back in 2008 and 2009, though amplified starting in 2010. Through these turbulent years, unemployment, government corruption and welfare requests have ... continue reading


The shocking reality of 'no-go' zones: France has no control over Muslim-populated neighborhoods Watch

Image of Muslim youth gangs repeatedly riot through towns in the

By Abigail James (NEWS CONSORTIUM)

751 "no-go" zones exist in France today. These "no-go" zones are areas in France that the French state does not control. These areas are Muslim-dominated neighborhoods. Non-Muslims dare not set foot into the areas. LOS ANGELES, CA (Catholic Online) - The "no-go" zones, ... continue reading


Very intriguing photo offers proof that Loch Ness Monster may exist Watch

Image of This classic snapshot of

By Catholic Online (NEWS CONSORTIUM)

Controversy has swirled over the existence of the Loch Ness Monster - nicknamed "Nessie" in Scotland. There has been increased photographic evidence of the sea serpent. Swedish crypto-zoologist or "monster-spotter" Bjarne Sjostrand has now won a £2,000 prize for ... continue reading


The dangerous and relentless presence of 'lone wolf' terrorism poses greater threat than traditionally organized terrorist groups Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Al-Qaeda and ISIS may no longer be the biggest direct threat to Western civilizations. The "lone wolf" or "wolf-pack" attacks are proving to be more disastrous. LOS ANGELES, CA (Catholic Online) - Big terrorist groups are easier to detect than one or a few people ... 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, Hebrews 9:15, 24-28
15 This makes him the mediator of a new covenant, so ... Read More

Psalm, Psalms 98:1, 2-3, 3-4, 5-6
1 [Psalm] Sing a new song to Yahweh, for he has ... Read More

Gospel, Mark 3:22-30
22 The scribes who had come down from Jerusalem were ... Read More

Saint of the Day

Saint of the Day for January 26th, 2015 Image

St. Timothy
January 26: Born at Lystra, Lycaenia, Timothy was the son of a Greek father ... 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