The Vatican Paid 406 Million Dollars

The Vatican Paid 406 Million Dollars

Cardinal George Pell has disclosed the amount of money the Vatican paid after the crack of the Italian Banco Ambrosiano in 1982: 406 Million Dollars. The Vatican Bank was Banco Ambrosiano’s main shareholder. Pell made the announcement in the Catholic journal “Ius Missionale”.

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2 comments on “The Vatican Paid 406 Million Dollars

  1. More detail and context from IOR, ecco i veri risarcimenti per il crac del Banco Ambrosiano (Google translation):

    IOR, here are the true compensation for the collapse of Banco Ambrosiano

    For the first time Cardinal Pell officially unveils the amount paid by the Holy See: $ 406 million. And in an unpublished document acknowledges the link between Marcinkus, the Vatican Bank, Calvi and Sindona above.

    June 4, 2017

    “After the scandals of 1982 in the Vatican Bank with Archbishop Marcinkus and bankers lay Michele Sindona and Roberto Calvi (last found hanged under Blackfriars Bridge over the Thames, editor’s note ) when the Vatican was forced to pay $ 406 million US in compensation, he had returned to relative peace until they were applied in the Vatican international laws against money laundering. ” A few phrases, but extremely clear those put on paper by Cardinal George Pell, Prefect of the Secretariat for the Economy Vatican a few years ago, in 2015.

    THE LINK BETWEEN IOR And SINDONA. The text, apparently simple in his reference to the scandal of the Ambrosian bank and the involvement of the Holy See in the affair, has historical value because it is one of the rare public admissions of a cardinal of the Roman Curia (for another member as well of the C9, the small group of cardinals-the Pope’s advisors) on the amount paid by the Holy See as a form of compensation following the collapse of Banco Ambrosiano. Digit unofficially previously quantified in 250 million dollars. In addition, the rapid cardinal description, equally clear and sharp, and not obvious, is the link between Marcinkus, the IOR, and especially Calvi Sindona, banker linked to the Mafia. In short, in a few lines Cardinal Pell said many things.

    RESPONSIBILITIES OF THE IOR. That the Holy See had agreed to pay compensation following the bankruptcy of ragweed “voluntary contribution” to the creditors was known: starting with the negotiations led by Cardinal Agostino Casaroli, at that time Secretary of State made to close the dramatic story, passing the responsibility of the IOR financial exposition of the bank led by Roberto Calvi, always denied by the Vatican but identified by the Italian government and specifically the Minister Beniamino Andreatta Treasury, not to mention the complex business and corporate intertwining of banks Ambrosiano and the Vatican which he led to the institution’s bankruptcy. It is one of the most serious political and financial scandals of the postwar period with endless implications (Mafia, P2, and so on) that never clarified death of banker Roberto Calvi remembered the Cardinal’s dramatic symbol. While the agreement between the Holy See and the Italian State (and creditor banks) was in any case signed in Geneva in May 1984.

    However, the admission by a cardinal with government posts, most importantly the actual controller of Oltretevere finances, the millions of dollars paid is unprecedented. The figure circulated long and appropriated by many investigative journalists, was to a payment of 250 million dollars (about 400 billion lire of the time). In fact some further investigation, among which the famous white Finance Giancarlo Galli published in 2004, had already made reference to 406 million dollars. But now the data is certified by the Holy See in a non-casual, and somehow the fact, well known, is a culmination of a story terribly intricate as decisive in defining the history of the Church in modern times.

    THE REPORT IN IUS MISSIONALE. The report of Pell fact is contained in a number of magazine-directory of the PUU ( Ius Missionale ) in which there became the point on reforms in the financial sector carried out by Pope Francis. And perhaps that is the distance from the facts in question, and the need to give further motivation to push toward a new, efficient and based on international standards for anti-money he led the Cardinal to clarify the events. This paragraph is no coincidence entitled pressures to change . Moreover, just beyond, Pell starting from the introduction of cumbersome laws against money laundering in the Vatican (which began in late 2010 and continued in subsequent years) says: “The supervisory authorities on the IOR did not move fast enough, and some tens of millions of € IOR were frozen by the Bank of Italy (September 2010, editor’s note ) and many European banks refused to deal with the Vatican. ” “A serious situation”, he adds the cardinal of Australian origin, “where the worst was avoided by a hair.” Pell then praises the Aif, the Authority of Vatican financial information, similar to other similar instituted present “in every Western nation with the aim to eradicate and prevent money laundering.” The cardinal finally emphasizes how the Aif is guided by lay experts of international origin.

    BANKS OF THE ALARM. Interestingly, in this case, the reference to the delay in implementing anti-money laundering standards that in fact had had serious consequences for the Vatican, until they touch the near impossibility to make even minimal financial transactions and transactions between late 2012 and early 2013. the IOR fact has no branches outside the Vatican City and then to operate it must rest to other banks. In a careful survey published by the Financial Times in December of 2013 (built in the space of 11 months and after listening to at least twenty of bankers and financiers) is noted as many banks operating under the IOR were alarmed revenue for the fear of seeing stained its reputation and to be put in the crosshairs of supervisors regarding money laundering. Therefore they urged the Vatican to put it in compliance with the rules on financial transparency.

    Crucial in this case the period immediately preceding the resignation of Benedict XVI (February 2013) who, perhaps not coincidentally, a waiver previously announced, independently appointed as president of the institution for religious works (the post had been vacant since May 2012 when President Ettore Gotti Germans was led by the institute’s board to resign), Ernst von Freyberg, German financier who started, not without difficulty, an action of effective transparency. And besides, he explains Pell “in the pre-conclave meetings that preceded the election of Pope Francis there was almost unanimous agreement among the cardinals on the need to reform and stabilize the banking worlds of the Curia and the Vatican.”

    KNOT OF THE PENSION FUND. Situation that in many ways will not be easy regularize it is true that even the new budget of the Holy See that had not been published to mark one of the key steps in the reform of the Curia. Again, however, it is a special showing of the real problems of the Holy See. “The Vatican is not bankrupt,” observed Cardinal Pell in the same document, “but the pension fund need for substantial investment in order to face its obligations in 10 or maybe 20 years, and we are facing and experiencing an annual deficit of about 30 million ». This considering that employees of the Holy See and the Vatican City State are about 4800.

    UPHILL REFORM. While the Vatican’s financial reform, including steps forward and sudden stops, continues its path is not easy, the same Cardinal Pell to another involved in the scandal cover-ups of sexual abuse of minors by Australian clergy, concluding his report notes: ” we’re going in the right direction. A German princess told me that many see the Vatican as an old noble family in a slow economic decline into bankruptcy. It was expected that they were incompetent, extravagant and easy victims of thieves. We hope that this opinion should be dissolving. “

  2. Quick Hits: Coming to Cardinal Pell’s defense, Still waiting for Vatican reform

    By Phil Lawler | Jun 07, 2017

    Cardinal George Pell, the prefect of the Vatican’s Secretariat for the Economy, is suffering through an extended trial-by-media in his native Australia, and a few fair-minded observers recognize that the process has become grotesque. Amanda Vanstone—who has quarreled with the cardinal on many public issues— recognizes the attacks against him as “the lowest point in civil discourse in my lifetime.” As she sees it, “The public arena is being used to trash a reputation and probably prevent a fair trial.” She cites the repeated leaks from police investigators—allowing for multiple reports that they might, someday, maybe, bring criminal charges. Each leak prompts another round of stories based on the assumption that all charges against Cardinal Pell are true, although none has been sustained by solid evidence. Vanstone recognizes that what’s happening is a bid to issue “a social death warrant for the one with the least popular views.”
    Writing in First Things, Philippa Martyr agrees that Cardinal Pell is being punished for his views and for his failure to placate the liberal media. “those who know how to play the game are never treated in this way,” she observes. The implacable hostility of his attackers, she suggests, is evidence that Cardinal Pell is seen by them as a dangerous enemy, a man who must be silenced. This nasty treatment, she concludes, shows that “George Pell is more important than any of us realize.”


    Cardinal Pell should be recognized as one of the most important prelates at the Vatican. But after creating the Secretariat for the Economy and granting the new office sweeping powers, Pope Francis chose to take most of those power away, leaving the new secretariat without the authority to carry out its mandate, which had been the quest to bring financial transparency and accountability to the Vatican. The rise and fall of the Secretariat for the Economy is just one of several tales of thwarted reforms, as Italian Vatican-watcher Marco Tosatti remarks in another First Things report. Tosatti reminds readers that Pope Francis was elected by a conclave anxious for reform in the Roman Curia, and the new Pope addressed that topic early and often. “But four years on, the results remain unimpressive,” writes Tosatti. “Not to say disappointing.” Pope Francis has created two new dicasteries—one for integral human development, the other for laity, family, and life. But those offices are not yet fully staffed and even the prelates who head them seem to have no clear idea of exactly what they should do. It’s significant that they are still called “dicasteries”—a generic term for Vatican offices—because it has not yet been resolved where they fit in the Vatican’s organizational chart.

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