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Vatican deficit linked to effects of 11 September

Last year's terrorist attacks on the United States had an impact on the Vatican's finances, resulting in its first operating deficit in eight years.

Cardinal Sergio Sebastiani, the president of the Prefecture for the Economic Affairs of the Holy See, said that the deficit for 2001 was $A5.49 million.

At a conference on Friday in the Vatican Press Office, he said the total expenses for administration and for the 2671 employees of the Roman Curia amounted last year to $A317.19 million, and a total income of $311.69 million.

Cardinal Sebastiani explained that the negative result was caused by the sharp fall in income from the financial sector. He attributed this to the unfavourable course of the world economy during the year, significantly aggravated by the 11 September attacks.

Other factors included increased maintenance costs for Church buildings and real estate, and operating expenses of Vatican media operations. Interests such as the newspaper L'Osservatore Romano, Vatican Radio and the Vatican Television Centre, were responsible for $A34.13 million worth of debt.

Comments About Vatican's Financial Statement for 2001: Annual Reported Presented by Cardinal Sergio Sebastiani


8 Jul 2002