HOLY SEE HAD NET SURPLUS OF $1.5 MILLION FOR 1998

VATICAN CITY, JUL 8, 1999 (VIS) - Archbishop Sergio Sebastiani, president of the Prefecture of the Economic Affairs of the Holy See, announced this morning at a conference in which he presented the Consolidated Financial Statement of the Holy See, that there was a net surplus of $1.5 million for the fiscal year 1998. The exchange rate used was 1,653 lire to $1.

Joining him in the Holy See Press Office for the biannual conference on Holy See finances were Msgr. Franco Croci and Ivan Ruggiero, respectively secretary and general accountant of the prefecture. The 1998 statements were published in both Italian and English.

The archbishop explained that a Consolidated Financial Statement "means that there are grouped together in one statement the costs and revenues of the seven administrations of the Holy See: APSA (Administration of the Patrimony of the Apostolic See), the Congregation for the Evangelization of Peoples, the Apostolic Chamber, Vatican Radio, the Vatican Printing Press/L'Osservatore Romano, the Vatican Publishing House and the Vatican Television Center."

He highlighted that Canon 1271 of the Code of Canon Law, which asks dioceses to make financial contributions to the Apostolic See, was enforced after an April 1991 meeting of all the presidents of the episcopal conferences in the world. The income deriving from this provision has increased from 10.398 billion lire ($6.3 million) in 1992 to 37.766 billion lire ($22.9 million) in 1998.

Archbishop Sebastiani then explained that the Operating Financial Statement of the Holy See is divided into four sectors: Institutional Activities (all Roman Curia offices: a loss of $20 million in 1998); Financial Activities (a gain of $26 million); Real Estate Activities (a gain of $15.6 million) and Activities of the Four Institutions Connected with the Holy See (a loss of $21.3 million).

The Consolidated Financial Statement," he concluded, "will now be translated into English, French, German and Spanish and a copy will be sent to all the bishops in the world and to the major superiors of Religious Institutes."

According to a communique released this morning along with the financial statement, the Council of Cardinals for the Study of Organizational and Economic Questions of the Holy See met yesterday in the Vatican under the presidency of Cardinal Secretary of State Angelo Sodano. Also present at the meeting were eight other cardinals as well as Archbishop Sergio Sebastiani.

Archbishop Sebastiani presented the Consolidated Financial Statement of the Holy See for 1998, which showed a surplus of 2.506 billion lire ($1.5 million).

The president of the prefecture also announced that the financial statements of Vatican City State show a surplus of 15.507 billion lire ($9.4 million).

Finally, it was announced that the 1998 Peter's Pence - the offerings of the faithful for the Pontiff's charitable works and for the support of needy churches - amounted to $52,758,527.

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