Millions Found ‘tucked Away’ in Vatican Accounts: Official

By Deborah Hastings
New York Daily News
December 4, 2014

http://www.nydailynews.com/news/world/hundreds-millions-tucked-vatican-departments-article-1.2033647

Hundreds of millions have been found "tucked away" in various Vatican departments, without being listed on balance sheets, says the economy minister of the Holy See.

Australian Cardinal George Pell writes in the upcoming issue of Britain's Catholic Herald magazine that Vatican finances are much healthier than officials thought.

"It is important to point out that the Vatican is not broke," Pell says in an advance copy issued Thursday. "The Holy See is paying its way, while possessing substantial assets and investments," he said.

He did not say any wrongdoing had taken place, but rather described autonomous departments that operated with "an almost free hand" without oversight.

"Very few were tempted to tell the outside world what was happening, except when they needed extra help," Pell wrote.

"It was impossible for anyone to know accurately what was going on overall," he said. Pell is part of a group of outsiders brought in by Pope Francis to overhaul the Vatican's murky finances.

He has sent letters to Vatican department advising them to prepare reports that meet international banking standards.