Financial edict undercuts Pell

A new law issued by Pope Francis has trimmed back some of the powers initially handed to Cardinal George Pell, the man he put in charge of overhauling Holy See finances, writes Christopher Lamb.

Last Saturday, a motu proprio announced that major functions of Apsa – the Vatican’s financial powerhouse which manages a large property portfolio and investments – would no longer be controlled by the Australian cardinal’s department.

In 2014 important elements of Apsa’s administration, such as asset management and purchasing, were handed to Cardinal Pell’s Secretariat for the Economy. The new law puts them back in the control of Apsa. The secretariat will continue to have a supervisory role over Apsa, which operates with little accountability.