Administration of the Patrimony of the Apostolic See

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The Administration of the Patrimony of the Apostolic See (Italian: Amministrazione del Patrimonio della Sede Apostolica, abbreviated APSA) is the office of the Roman Curia that deals with the "provisions owned by the Holy See in order to provide the funds necessary for the Roman Curia to function".[1] It was established by Pope Paul VI on 15 August 1967. The Ordinary Section, one of APSA's formerly two sections, was transferred to the Secretariat for the Economy by Pope Francis on 8 July 2014.[2] In its reduced form, APSA acts as the Treasury[3] and central bank of Vatican City and the Holy See.[4][5]

Both before and after the reorganization of its functions in 2014, APSA has been distinct from the Prefecture for the Economic Affairs of the Holy See.

Assets

The assets entrusted to the Administration (previously in the care of what was its Extraordinary Section) were initially 750 million Italian lire (at that time equivalent to 8,152,000 pounds sterling) in cash and 1000 million Italian lire (at that time equivalent to 10,869,000 pounds sterling) in Italian State bonds, an amount less than Italy would have paid under the Law of Guarantees of 1871, if the Holy See had accepted this.[6] A 2012 report from the Council of Europe identified the value of a section of the Vatican's property assets as an amount in excess of €680m (£570m); as of January 2013, a papal official in Rome named Paolo Mennini manages this portion of the Holy See's assets—consisting of British investments, other European holdings and a currency trading arm. The Guardian described Mennini as "in effect the pope's merchant banker [who] heads a special unit inside the Vatican called the extraordinary division of APSA – Amministrazione del Patrimonio della Sede Apostolica – which handles the so-called 'patrimony of the Holy See'."[7]