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Vatican in Crisis: Shut Down All External Accounts and Transfer Money to APSA

Dear friends and enemies of Stilum Curiae, we have received a letter which the Prefect of the Secretariat of the Economy and Finance, Juan A. Guerrero, S.J., sent to the heads of all Vatican departments, essentially to ask that they close all current “external” accounts of the various dicasteries and offices and transfer the money preserved in these accounts to APSA, the Administration of the Patrimony of the Holy See, which is managed by the former secretary of the Italian Bishops’ Conference, Bishop Nunzio Galantino, and by Bishop Gustavo Zanchetta, the bishop protected by Pope Bergoglio who is under investigation in Argentina for alleged sexual abuse of seminarians and criticized for his financial management of the Diocese of Orano, from which he suddenly fled, only to reappear at Santa Marta.

To the Dicastery Heads
To the Heads of Entities and Organs of the Holy See
To the President of the Governorate of the Vatican City State

From the Vatican, 8 May 2020

Most Reverend Eminence,
Most Reverend Excellency,
Most Reverend Monsignor,
Egregious Doctor,

I write this following the Inter-Dicasterial Meeting of 4 May presided over by the Holy Father, which addressed the economic and financial implications for the Holy See and Vatican City State deriving from the Covid-19 emergency.

Following the process of consultation of the working group composed of the Superiors of Secretariat of State, the Council for the Economy, the Secretariat for the Economy, the Administration of the Patrimony of the Holy See, the Congregation for the Evangelization of Peoples and the Governorate of the Vatican City State, in the context of the aforementioned meeting further economic measures were discussed in order to strengthen the overall financial position at this particularly negative economic juncture.

Having considered determinations that emerged, and having informed the Superior Authority, I am now asking to be able to implement what has been established regarding the liquidity management of each Entity. More particularly, I am kindly requesting the following:

Keep the funds held at APSA, avoiding moving them to other financial institutions, except for funds aimed at and tied to specific activities, projects, or donations.
Transfer to APSA any liquidity presently in current accounts with external financial institutions.
Transer to APSA any liquidity in current accounts at IOR.

Where it is necessary to maintain a deposit with IOR or other banks for operational needs, I am kindly asking you to communicate this to this Secretariat as soon as possible.

The Secretariat for the Economy remains at your disposition for any necessary clarification. Thanking you for your attention to this matter, and taking this occasion to offer you my kindest regards.

Juan A. Guerrero, S.J., Prefect

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