Special adviser appointed to Vatican's 'central bank'

Special adviser appointed to Vatican's 'central bank'

The Secretariat for the Economy appointed Saturday Franco Dalla Sega as “ad interim” special adviser to the extraordinary section of the Administration of the Patrimony of the Apostolic See.

“Aside from assisting the secretary of APSA in the conduct of the activities of the Section, Professor Dalla Sega will be assigned specific tasks and projects and may be asked for specific advice on the reorganisation of APSA in accordance with the broader revision of the economic-administrative structure of the Holy See,” the secretariat announced in an April 5 communique.

Dalla Sega, 53, is a lecturer at the Catholic University of the Sacred Heart in Milan and a member of the oversight council of Intesa San Paolo, an Italian bank.

The Administration of the Patrimony of the Apostolic See serves “to administer the properties owned by the Holy See in order to provide the funds necessary for the Roman Curia to function,” according to the apostolic constitution Pastor bonus, which governs Rome’s curia.

The extraordinary section, to which Dalla Sega has been assigned, “administers its own moveable goods and acts as a guardian for moveable goods entrusted to it by other institutes of the Holy See.”

The assets administered by the section consist of cash, financial instruments, and other goods. It may exceptionally carry out financial transactions on behalf of individuals, with the approval of its president, but never for the staff of the administration.

The Administration of the Patrimony of the Apostolic See is led by its president, Cardinal Domenico Calcagno, and its secretary, Fr. Luigi Misto.

“Reading in depth the press release, it is highly probably that Dalla Sega will be involved in rewriting APSA’s regulation, to fit it to the role of a ‘sui generis’ central bank,” a source familiar with Vatican finances told CNA April 7.

That a wider reform was in the offing was demonstrated by the Oct. 15 announcement made by the administration that a “due diligence” review by Promontory Financial Group had begun; due diligence is the evaluation of risks in investments and loans, particularly with regards to the clients in a bank.

However, APSA is not a bank. The Holy See told evaluators from Moneyval, the European Council committee that evaluates adherence to anti-money laundering standards, that while APSA holds some accounts, such banking-type activity is minimal and will be closed.

The Holy See, in fact, has neither a market nor banks.

According to the source, “the final aim of the Holy See was that of presenting and shaping APSA as a central body of the Catholic Church,” while at the moment, “the new vision is going to give APSA the shape of a true central bank,” even while maintaining its peculiarities.


Things beyond our imagination

Father Ronald Rolheiser, OMI

Recently, at an academic dinner, I was sitting across the table from a nuclear scientist. At one point, I asked him this question: Do you believe that there’s human life on other planets? His answer surprised me: “As a scientist, no, I don’t believe there’s human life on another planet.


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October 4, 2015

  • Sunday, October 4

    Gerard Thomas Straub Book Signing, 9 a.m.- 1p.m., Holy Family Bookstore, 1519 Fremont Ave., South Pasadena. Straub will discuss his newly re-released book, “The Sun and Moon Over Assisi.” (626) 403-6133.

    St. Kateri Mass, 11 a.m., St. Marcellinus Church, 2349 Strong Ave., Commerce. Everyone is welcome to honor and follow in the footsteps of St. Kateri Tekakwitha. Potluck and raffle immediately following – bring a favorite dish to share!

    Faith Support on Our Cancer Journey, 2-4 p.m., Mary & Joseph Retreat Center, 5300 Crest Rd., Rancho Palos Verdes. This afternoon of reflection will explore ways for those struggling with cancer can nurture their spirits and seek divine guidance and support. $25 ($20 if paid in full by September 25). (310) 377-4867. www.maryjoseph.org.

    “Come and See” Vocation Event, 2-7 p.m., Heart of Jesus Retreat Center, 2927 S Greenville St., Santa Ana. Single women of high school and college age are invited by Sacred Heart Sisters to learn more about religious life. Dinner will be provided. RSVP by Oct. 3 at (714) 557-4583 or heartofjesusrc@sbcglobal.net. 

    Once Upon a Time: Stories to Awaken the Mysteries of the Heart, 3-5 p.m., Mary & Joseph Retreat Center, 5300 Crest Rd., Rancho Palos Verdes. $25. (310) 377-4867. www.maryjoseph.org.

    Rosary and Mass for Life, Rosary: 4:30 p.m., Mass: 5 p.m., St. Cornelius Church, 5500 E Wardlow Rd., Long Beach. Contact Sylvia Aimerito (562) 429-1965. Audiogirlministries.com.

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