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NEWS
March 27, 1987 | DON A. SCHANCHE, Times Staff Writer
A special commission of 10 Roman Catholic cardinals responsible for overseeing Vatican finances predicted Thursday that the financially strapped city-state will suffer a record budget deficit of $63 million for the current year and appealed to church leaders throughout the world to help resolve the crisis. The projected shortfall exceeds last year's deficit, which the special Council of Cardinals had previously estimated at $56 million.
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WORLD
February 24, 2014 | By Tom Kington
ROME -- In the most concrete sign to date of his intention to reform the Vatican, Pope Francis announced the creation Monday of a single authority to handle all business, administrative and personnel management at the Holy See, a response to the rash of financial scandals that have tarnished the Roman Catholic Church's reputation among believers and nonbelievers. The new Secretariat for the Economy will draw up the Vatican's annual budget, call on lay experts for advice and launch surprise internal audits.
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WORLD
March 7, 2013 | By Tom Kington
VATICAN CITY -- A day after the U.S. delegation shut down its popular daily media briefing, the Vatican continued to struggle Thursday to stem the tide of leaks to Italian media, allegedly by cardinals gathered for private meetings ahead of their eagerly anticipated conclave to elect a new pope. About 150 cardinals have been meeting daily this week at the Vatican to discuss the future of the Roman Catholic Church and to form opinions about possible candidates to succeed Pope Benedict XVI, who retired last week.
WORLD
March 7, 2013 | By Tom Kington
VATICAN CITY -- A day after the U.S. delegation shut down its popular daily media briefing, the Vatican continued to struggle Thursday to stem the tide of leaks to Italian media, allegedly by cardinals gathered for private meetings ahead of their eagerly anticipated conclave to elect a new pope. About 150 cardinals have been meeting daily this week at the Vatican to discuss the future of the Roman Catholic Church and to form opinions about possible candidates to succeed Pope Benedict XVI, who retired last week.
NEWS
February 26, 1987 | Associated Press
An arrest warrant has been issued for Archbishop Paul Marcinkus, the American who heads the Vatican bank, in connection with Italy's worst financial scandal since World War II, authorities said Wednesday. The 1982 collapse of Banco Ambrosiano has cost the Vatican $250 million. A judge investigating the Ambrosiano case told a reporter that the warrant charges Marcinkus, who has also served as bodyguard for Pope John Paul II, as "an accessory to fraudulent bankruptcy" in the case.
NEWS
February 28, 1987 | DON A. SCHANCHE, Times Staff Writer
The Vatican said Friday that it was stunned by reports that an arrest warrant has been issued for the head of the Vatican bank, American Archbishop Paul C. Marcinkus, and suggested that it will invoke a treaty with Italy to protect him and two other bank officials from prosecution.
NEWS
March 25, 1987
Judicial officials plan to ask the Vatican to extradite Archbishop Paul C. Marcinkus and two other Vatican Bank officials in Italy's worst post-World War II banking scandal, Italian news agencies reported. Quoting unnamed sources, the agencies said the Justice Ministry this week received the formal extradition request from judges in Milan investigating the 1982 collapse of the Banco Ambrosiano and its dealings with the Vatican Bank.
NEWS
March 6, 1988 | United Press International
The Vatican predicted a record 1988 deficit of $61.8 million for the Holy See on Saturday but said it expects the deficit to be covered by contributions from Catholics worldwide. The current record deficit of $59.3 million was set in 1987, when the church had predicted a shortfall of $63 million. A Vatican report issued Saturday said the Vatican is "counting on" covering the 1988 deficit with 1988 contributions to Peter's Pence by churchgoers, particularly those in the United States.
NEWS
October 16, 1988 | From Times Wire Services
The Vatican posted a record deficit of $63.8 million in 1987, prompting an appeal by church officials for increased contributions from Roman Catholics to enable the Holy See to "adequately carry out its pastoral mission." It was the ninth year in a row that the administrative center for the world's 850 million Catholics operated at a loss.
NEWS
March 10, 1989 | WILLIAM D. MONTALBANO, Times Staff Writer
The financially strapped Vatican announced a record budget deficit here Thursday and an economic reform that will cost the job of a controversial American archbishop who has been known for two decades as "the Pope's banker." Reporting a projected 1989 budget deficit of $78.2 million, a commission of cardinals appealed for "every effort to reduce costs." The 15 cardinals, who include John Krol of Philadelphia and John J.
BUSINESS
November 12, 1994 | From Times Staff and Wire Reports
Loss Expected on Vatican Investments: Falling returns from playing the financial markets will help put the Vatican $22.3 million into the red next year, a Roman Catholic cardinal said. Presenting the Holy See's consolidated budget for 1995, American Cardinal Edmund Szoka said income from the Vatican's investments in cash, securities and bonds was expected to drop by about a third, from $36 million in 1993.
CALIFORNIA | LOCAL
August 23, 1989
Orange County real estate developer Arthur B. Birtcher has been named a trustee of the Papal Foundation, an American endowment fund for the Vatican, John Cardinal Krol, the recently retired archbishop of Philadelphia, announced this week. Krol launched the foundation in 1988 to help the Vatican meet its financial obligations.
NEWS
March 10, 1989 | WILLIAM D. MONTALBANO, Times Staff Writer
The financially strapped Vatican announced a record budget deficit here Thursday and an economic reform that will cost the job of a controversial American archbishop who has been known for two decades as "the Pope's banker." Reporting a projected 1989 budget deficit of $78.2 million, a commission of cardinals appealed for "every effort to reduce costs." The 15 cardinals, who include John Krol of Philadelphia and John J.
NEWS
October 16, 1988 | From Times Wire Services
The Vatican posted a record deficit of $63.8 million in 1987, prompting an appeal by church officials for increased contributions from Roman Catholics to enable the Holy See to "adequately carry out its pastoral mission." It was the ninth year in a row that the administrative center for the world's 850 million Catholics operated at a loss.
CALIFORNIA | LOCAL
July 16, 1988 | From Religious News Service
Church sources say the Vatican is preparing to remove a controversial American prelate, Archbishop Paul Marcinkus, as head of the Vatican's bank. The Vatican has repeatedly expressed support for Marcinkus, whose indictment had been sought by Milan magistrates for an alleged role in the 1982 scandal involving the collapse of Banco Ambrosiano.
CALIFORNIA | LOCAL
March 12, 1988 | WILLIAM D. MONTALBANO, Times Staff Writer
Spending twice its income, the complex, 2,357-member Vatican bureaucracy called the Holy See will again have losses of more than $1 million a week this year. This is the estimate of an international panel of cardinals seeking long-term solutions to what has become a chronic financial crisis. A projected deficit for 1988 of $61.8 million will be offset, as past deficits have been offset, by contributions intended in part for the poor from Roman Catholics around the world.
BUSINESS
November 12, 1994 | From Times Staff and Wire Reports
Loss Expected on Vatican Investments: Falling returns from playing the financial markets will help put the Vatican $22.3 million into the red next year, a Roman Catholic cardinal said. Presenting the Holy See's consolidated budget for 1995, American Cardinal Edmund Szoka said income from the Vatican's investments in cash, securities and bonds was expected to drop by about a third, from $36 million in 1993.
CALIFORNIA | LOCAL
August 23, 1989
Orange County real estate developer Arthur B. Birtcher has been named a trustee of the Papal Foundation, an American endowment fund for the Vatican, John Cardinal Krol, the recently retired archbishop of Philadelphia, announced this week. Krol launched the foundation in 1988 to help the Vatican meet its financial obligations.
NEWS
March 6, 1988 | United Press International
The Vatican predicted a record 1988 deficit of $61.8 million for the Holy See on Saturday but said it expects the deficit to be covered by contributions from Catholics worldwide. The current record deficit of $59.3 million was set in 1987, when the church had predicted a shortfall of $63 million. A Vatican report issued Saturday said the Vatican is "counting on" covering the 1988 deficit with 1988 contributions to Peter's Pence by churchgoers, particularly those in the United States.
NEWS
March 27, 1987 | DON A. SCHANCHE, Times Staff Writer
A special commission of 10 Roman Catholic cardinals responsible for overseeing Vatican finances predicted Thursday that the financially strapped city-state will suffer a record budget deficit of $63 million for the current year and appealed to church leaders throughout the world to help resolve the crisis. The projected shortfall exceeds last year's deficit, which the special Council of Cardinals had previously estimated at $56 million.
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