"But sometimes the friends were not The Blessed Imelda," the pope said, referring to a 14th-century, 11-year-old Italian girl who is a symbol of childhood purity. Many Vatican financial scandals in the past have stemmed from an abundance of trust in financial managers, almost always Italians, who were friends of Vatican officials.ĭiscussing finances in an exclusive interview with Reuters last month, Pope Francis gave the example of priests who had no financial experience being asked to manage the finances of a department and who in good faith sought help from friends in the outside financial sector. It is made up of non-Italians: Irish-American Cardinal Kevin Joseph Farrell, who is based at the Vatican, and four outside lay financial experts in Britain, Germany, Norway and the United States. In June, the Vatican established a committee to oversee investment ethics. The Vatican's financial investments, excluding real estate, are estimated at just under 2 billion euros. import yfinance as yf msft yf.Ticker(MSFT) get stock info get historical market data. 1 for the transfers to be completed, indicating that some departments were dragging their feet. Note: yahoo finance datetimes are received as UTC. In Tuesday's document, the pope set a deadline of Oct. The policy ordered Vatican departments to close their investment accounts or stock holdings in foreign banks, including in Italy, and transfer them to the IOR, to be overseen by a department called the Administration of the Patrimony of the Holy See (APSA). This module can pull fundamental and technical data for stocks, indexes. In July, the Vatican issued an new overarching policy on investments to ensure they are ethical, green, low-risk, and avoid weapons industries or health sectors involved in abortion, contraception or embryonic stem cells. A powerful financial data module used for pulling data from Yahoo Finance. Tuesday's papal document clarified that there were no exceptions to the rule regarding the central role of the Vatican bank, officially known as the Institute for Works of Religion (IOR), as stipulated in an article of the Vatican's new constitution, issued on March 19. All the defendants have denied wrongdoing. Francis issued a document known as a 'rescriptum,' or re-writing, making clear that all investments by all departments would have to go through the Vatican bank.
The botched deal resulted in a loss of 140 million euros ($139.17 million). Pope Francis on Tuesday acted to eliminate wiggle room or foot- dragging by Vatican departments in imposing tighter financial controls, setting a deadline for the closing of investment portfolios in foreign banks, including in Italy. It was this practice that allowed the Secretariat of State to invest directly in a London building that is at the centre of a corruption trial.