Nicole Lappin

He shut down secret accounts, required that all funds, even off-the-books donations, be included in the budget reporting. And in one year alone, over 3,500 accounts were closed, many linked to Italy's wealthy elite. Francis reorganized the IOR to become less like a shadowy hedge fund and more like a modest credit union for religious orders.

He shut down secret accounts, required that all funds, even off-the-books donations, be included in the budget reporting. And in one year alone, over 3,500 accounts were closed, many linked to Italy's wealthy elite. Francis reorganized the IOR to become less like a shadowy hedge fund and more like a modest credit union for religious orders.

He shut down secret accounts, required that all funds, even off-the-books donations, be included in the budget reporting. And in one year alone, over 3,500 accounts were closed, many linked to Italy's wealthy elite. Francis reorganized the IOR to become less like a shadowy hedge fund and more like a modest credit union for religious orders.

Its investment division was spun off into a new entity, Vatican Asset Management. I'm sure you're wondering, what is in the Vatican's portfolio anyway? And as you might imagine, the Vatican is not particularly forthcoming about their investments, but they say they focus their investments on things that check both ESG boxes and Catholic Church boxes.

Its investment division was spun off into a new entity, Vatican Asset Management. I'm sure you're wondering, what is in the Vatican's portfolio anyway? And as you might imagine, the Vatican is not particularly forthcoming about their investments, but they say they focus their investments on things that check both ESG boxes and Catholic Church boxes.

Its investment division was spun off into a new entity, Vatican Asset Management. I'm sure you're wondering, what is in the Vatican's portfolio anyway? And as you might imagine, the Vatican is not particularly forthcoming about their investments, but they say they focus their investments on things that check both ESG boxes and Catholic Church boxes.

So they don't invest in anything related to weapons manufacturing, abortion services, tobacco and fossil fuels. Around the same time Vatican asset management was formed, the IOR's focus narrowed to Catholic clients, dioceses, religious orders, and Vatican employees. Of course, none of this went down smoothly. The old guard did not love giving up their financial fiefdoms.

So they don't invest in anything related to weapons manufacturing, abortion services, tobacco and fossil fuels. Around the same time Vatican asset management was formed, the IOR's focus narrowed to Catholic clients, dioceses, religious orders, and Vatican employees. Of course, none of this went down smoothly. The old guard did not love giving up their financial fiefdoms.

So they don't invest in anything related to weapons manufacturing, abortion services, tobacco and fossil fuels. Around the same time Vatican asset management was formed, the IOR's focus narrowed to Catholic clients, dioceses, religious orders, and Vatican employees. Of course, none of this went down smoothly. The old guard did not love giving up their financial fiefdoms.

When the Vatican's deputy secretary of state tried to cancel an external audit in 2016, it signaled internal resistance. Then came the bombshell. Pell was accused of historic sexual abuse in Australia and stepped down in 2017 to face trial. He was later acquitted, but by then the momentum behind the reforms had stalled. Meanwhile, more financial skeletons spilled out of the closet.

When the Vatican's deputy secretary of state tried to cancel an external audit in 2016, it signaled internal resistance. Then came the bombshell. Pell was accused of historic sexual abuse in Australia and stepped down in 2017 to face trial. He was later acquitted, but by then the momentum behind the reforms had stalled. Meanwhile, more financial skeletons spilled out of the closet.

When the Vatican's deputy secretary of state tried to cancel an external audit in 2016, it signaled internal resistance. Then came the bombshell. Pell was accused of historic sexual abuse in Australia and stepped down in 2017 to face trial. He was later acquitted, but by then the momentum behind the reforms had stalled. Meanwhile, more financial skeletons spilled out of the closet.

In 2021, the Vatican launched the biggest criminal trial in its history. Over a $400 million London real estate deal gone very wrong. Ten defendants were charged, including Cardinal Angelo Baciu, a high-ranking official once close to Francis himself. In 2023, Baciu was convicted of embezzlement. Despite setbacks, there has been progress.

In 2021, the Vatican launched the biggest criminal trial in its history. Over a $400 million London real estate deal gone very wrong. Ten defendants were charged, including Cardinal Angelo Baciu, a high-ranking official once close to Francis himself. In 2023, Baciu was convicted of embezzlement. Despite setbacks, there has been progress.

In 2021, the Vatican launched the biggest criminal trial in its history. Over a $400 million London real estate deal gone very wrong. Ten defendants were charged, including Cardinal Angelo Baciu, a high-ranking official once close to Francis himself. In 2023, Baciu was convicted of embezzlement. Despite setbacks, there has been progress.

In 2023, Moneyball, the committee that had once heavily criticized the Vatican's finances, gave the Vatican a passing grade for its improvements. In fact, they won't check again until 2028. The IOR has settled into its new leaner role. It posted a modest $34 million net profit in 2023 and now manages $6 billion, $2.3 billion in bonds and $55 million in stocks.

In 2023, Moneyball, the committee that had once heavily criticized the Vatican's finances, gave the Vatican a passing grade for its improvements. In fact, they won't check again until 2028. The IOR has settled into its new leaner role. It posted a modest $34 million net profit in 2023 and now manages $6 billion, $2.3 billion in bonds and $55 million in stocks.

In 2023, Moneyball, the committee that had once heavily criticized the Vatican's finances, gave the Vatican a passing grade for its improvements. In fact, they won't check again until 2028. The IOR has settled into its new leaner role. It posted a modest $34 million net profit in 2023 and now manages $6 billion, $2.3 billion in bonds and $55 million in stocks.

In other words, a very conservative portfolio. But it's not all good upward progress. In fact, the financial situation is still really bad. The Secretariat for the Economy reported a $75 million deficit in 2023. its net assets dropped 6% to $4.6 billion.

In other words, a very conservative portfolio. But it's not all good upward progress. In fact, the financial situation is still really bad. The Secretariat for the Economy reported a $75 million deficit in 2023. its net assets dropped 6% to $4.6 billion.