Cologne archdiocese declares assets

Germany’s largest Catholic diocese, Cologne, has published its full financial accounts for the first time, revealing assets of £2.5 billion and a pension reserve of £302 million for its 4,000 priests, writes Jonathan Luxmoore.

“The Church is not a company with business objectives – its proceeds are used only as means to an end in performing its duties,” explained the archdiocese’s finance director, Hermann Schon. “It provides funding via Caritas and pastoral care for regional tasks and projects which benefit the universal Church in different parts of the world. Every day some €2m [£1.5m] flows from its 550 parishes towards counselling and day-care initiatives, aid for refugees and the needy, as well as help for those in mourning and many other activities.”

The statement was issued to accompany the newly published figures, mostly detailing reserves to cover the archdiocese’s long-term commitments. It said the Church had released the data to comply with Germany’s commercial code for large corporations.