Vatican City, 24 February 2014 (VIS) –
The Holy Father has decided to establish a new structure for the
coordination of the economic and administrative matters of the Holy
See and Vatican City State, according to a communique issued today by
the Holy See Press Office, the full text of which is published below:
“The Holy Father today announced a
new coordination structure for economic and administrative affairs of
the Holy See and the Vatican State.
Today's announcement comes after the
recommendations of the rigorous review conducted by the Pontifical
Commission for Reference on the Organization of the Economic-
Administrative Structure of the Holy See (COSEA) were considered and
endorsed by both the Council of 8 Cardinals established to advise the
Holy Father on governance and the Committee of 15 Cardinals which
oversees the financial affairs of the Holy See.
COSEA recommended changes to simplify
and consolidate existing management structures and improve
coordination and oversight across the Holy See and Vatican City
State. COSEA also recommended more formal commitment to adopting
accounting standards and generally accepted financial management and
reporting practices as well as enhanced internal controls,
transparency and governance.
The changes will enable more formal
involvement of senior and experienced experts in financial
administration, planning and reporting and will ensure better use of
resources, improving the support available for various programs,
particularly our works with the poor and marginalized.
The changes announced by the Holy
Father include:
1. Establishment of a new Secretariat
for the Economy which will have authority over all economic and
administrative activities within the Holy See and the Vatican City
State. The Secretariat will be responsible, among other things, for
preparing an annual budget for the Holy See and Vatican City State as
well as financial planning and various support functions such as
human resources and procurement. The Secretariat will also be
required to prepare detailed financial statements of the Holy See and
Vatican State.
2. The Secretariat for the Economy will
implement policies determined by a new Council for the Economy - a 15
member Council composed of 8 Cardinals or Bishops, reflecting various
parts of the world and seven lay experts of different nationalities
with strong professional financial experience. The Council will meet
on a regular basis and to consider policies and practices and to
prepare and analyse reports on the economic-administrative activities
of the Holy See.
3. The Secretariat for the Economy will
be headed by a Cardinal Prefect reporting to the Council for the
Economy. He will be supported by a Secretary-General in the
management of day to day activities.
4. The Holy Father has appointed
Cardinal Pell, the current archbishop of Sydney, Australia, to the
role of Prefect of the Secretariat for the Economy. Details of
Cardinal Pell are attached.
5. New arrangements also include the
appointment of an Auditor-General, appointed by the Holy Father who
will be empowered to conduct audits of any agency of the Holy See and
Vatican City State at any time.
6. The changes will confirm the role of
APSA as the central bank of the Vatican with all the obligations and
responsibilities of similar institutions around the world.
7. The AIF will continue to undertake
its current and critical role of prudential supervision and
regulation of activities within the Holy See and Vatican City State.
The Prefect of the new Secretariat for
the Economy has been asked to start work as soon as possible. He will
prepare the final statutes and other related matters with the
assistance of any necessary advisers and will work with COSEA to
complete the implementation of these changes approved by the Holy
Father.”
NEW COORDINATION STRUCTURE FOR THE
ECONOMIC AND ADMINISTRATIVE AFFAIRS OF THE HOLY SEE AND VATICAN CITY
STATE
Vatican City, 24 February 2014 (VIS) –
The Holy Father has decided to establish a new structure for the
coordination of the economic and administrative matters of the Holy
See and Vatican City State, according to a communique issued today by
the Holy See Press Office, the full text of which is published below:
“The Holy Father today announced a
new coordination structure for economic and administrative affairs of
the Holy See and the Vatican State.
Today's announcement comes after the
recommendations of the rigorous review conducted by the Pontifical
Commission for Reference on the Organization of the Economic-
Administrative Structure of the Holy See (COSEA) were considered and
endorsed by both the Council of 8 Cardinals established to advise the
Holy Father on governance and the Committee of 15 Cardinals which
oversees the financial affairs of the Holy See.
COSEA recommended changes to simplify
and consolidate existing management structures and improve
coordination and oversight across the Holy See and Vatican City
State. COSEA also recommended more formal commitment to adopting
accounting standards and generally accepted financial management and
reporting practices as well as enhanced internal controls,
transparency and governance.
The changes will enable more formal
involvement of senior and experienced experts in financial
administration, planning and reporting and will ensure better use of
resources, improving the support available for various programs,
particularly our works with the poor and marginalized.
The changes announced by the Holy
Father include:
1. Establishment of a new Secretariat
for the Economy which will have authority over all economic and
administrative activities within the Holy See and the Vatican City
State. The Secretariat will be responsible, among other things, for
preparing an annual budget for the Holy See and Vatican City State as
well as financial planning and various support functions such as
human resources and procurement. The Secretariat will also be
required to prepare detailed financial statements of the Holy See and
Vatican State.
2. The Secretariat for the Economy will
implement policies determined by a new Council for the Economy - a 15
member Council composed of 8 Cardinals or Bishops, reflecting various
parts of the world and seven lay experts of different nationalities
with strong professional financial experience. The Council will meet
on a regular basis and to consider policies and practices and to
prepare and analyse reports on the economic-administrative activities
of the Holy See.
3. The Secretariat for the Economy will
be headed by a Cardinal Prefect reporting to the Council for the
Economy. He will be supported by a Secretary-General in the
management of day to day activities.
4. The Holy Father has appointed
Cardinal Pell, the current archbishop of Sydney, Australia, to the
role of Prefect of the Secretariat for the Economy. Details of
Cardinal Pell are attached.
5. New arrangements also include the
appointment of an Auditor-General, appointed by the Holy Father who
will be empowered to conduct audits of any agency of the Holy See and
Vatican City State at any time.
6. The changes will confirm the role of
APSA as the central bank of the Vatican with all the obligations and
responsibilities of similar institutions around the world.
7. The AIF will continue to undertake
its current and critical role of prudential supervision and
regulation of activities within the Holy See and Vatican City State.
The Prefect of the new Secretariat for
the Economy has been asked to start work as soon as possible. He will
prepare the final statutes and other related matters with the
assistance of any necessary advisers and will work with COSEA to
complete the implementation of these changes approved by the Holy
Father.”