Publication of the First APSA Report

Source: FSSPX News

Mgr Nunzio Galantino

The Administration of the Patrimony of the Apostolic See (APSA) published its annual report for the first time. Created in August 1967 by Paul VI, it is the central bank of the Vatican, with the obligations and responsibilities of similar institutions in the world.

APSA performs a treasury role for the Vatican City State and the Holy See, and must maintain relationships with other central banks. It is presided over by a cardinal, assisted by a secretary and a council of cardinals.

Vatican City Budget

For the first time since its creation in 1967, APSA publishes its budget for the year 2020. The president, Msgr. Nunzio Galantino, hopes in this way to increase confidence in the work of the Church. He wishes to transform the dicastery established by Paul VI from a “structure that offers services on demand” to a “proactive reality” in the way of administering the patrimony.

In 2020, the profits generated were less than 51 million. Financial investments amounted to 1,778 billion.

In addition, the contribution for the needs of the Roman Curia was halved, from 41 to 20 million.

Admittedly, this is not the first time that APSA has drawn up its own balance sheet for presentation to the supervisory bodies and for approval. On the other hand, this is the first time that it has been made public and with a concern for transparency.

It should be remembered that Pope Francis, by a Motu proprio dated December 28, 2020, transferred the funds and properties of the Secretariat of State to APSA. This represents a turning point in its activity.

For the first time, the APSA report provides detailed information on the housing stock of the Holy See. The latter owns more than 5,000 properties - 4,051 properties in Italy and around 1,120 abroad, not counting its embassies around the world. Some 752 properties are based in France, 344 in Switzerland and 27 in England.

The various analytical tables presented by this report show that the majority of these goods are intended for employees or for Church institutions. In Italy, only 14% of goods are rented at market price while 19% are allocated free of charge. Some 41% of these properties are schools, hospitals, convents, or even seminaries, rented at reduced prices.

Management

The document also clarifies the three areas in which APSA operates.

The first is real estate, with the management of 4,051 units in Italy (92% in Rome and its province).

Then there are movable assets: investments in international securities, advice, financial solutions, access to capital markets for the Curia and other Vatican bodies.

The third area is identified as “other activities,” the services - most often free of charge - provided by the purchasing, accounting, collection, and payment offices and by “Peregrinatio Ad Petri Sedem,” which provides logistical organization, ticketing, and other services to groups of pilgrims and single pilgrims coming to visit the Holy See.