Francis’ Bankruptcy Company: Deficit Increased Sixfold

The Vatican published on July 24 for the first time the annual budget of the Administration of the Patrimony of the Apostolic See (APSA) which manages properties and investments.

According to the 2020 budget, APSA owns 4,051 properties in Italy, as well as 1,120 in England (London), France (Paris), and Switzerland (Geneva, Lausanne).

14% of APSA's properties are rented out. The rest is used by Vatican offices or houses cardinals and employees.
Most of the latter are rented at below-market rates.

The Holy See sextupled its deficit in 2020 to €66m from €11m in 2019. The Vatican’s income is generated by investments, visitors and services, donations, and the Vatican Bank.

Picture: © TenSafeFrogs, CC BY, #newsAggqcbzzoo