Former cardinal Theodore McCarrick intervened to pressure members of the U.S. Papal Foundation to support a controversial grant request, intended to repay an illicit loan from APSA, the Vatican’s central bank. McCarrick met privately with the leadership of the bank in the months leading up to his intervention.
McCarrick made the intervention in December 2017, after objections were raised to the Vatican’s request of $25 million from the Papal Foundation, for a bankrupt Italian hospital, the Istituto Dermopatico dell’Immacolata (IDI).
The grant request from the Vatican Secretariat of State was, according to the minutes of a December Papal Foundation board meeting, first made in June 2017 as “an emergency request” from the pope, and was said to be intended to cover a short term cash crunch at the IDI.
The Papal Foundation is a charity that confers grants to charities at the request of the Holy See. Grants do not ordinarily exceed $300,000, which made the request for $25 million unusual. In autumn 2017, several board members objected to the request because they had discovered that the hospital was financially insolvent, and not merely in a short term cash crunch, as Vatican officials had led them to believe.
Read more at Catholic World Report