The head of the Administration of the Patrimony of the Apostolic See denied allegations that the Holy See is at risk of financial “collapse.”

The Administration of the Patrimony of the Apostolic See (APSA) is an office of the Roman Curia that oversees “provisions owned by the Holy See in order to provide the funds necessary for the Roman Curia to function.” In effect, it is the treasury and central bank of Vatican City.

In an interview published Tuesday in the Italian Catholic newspaper Avvenire, President of APSA Bishop Nunzio Galantino denied recent allegations that the Holy See is facing a serious shortage of cash.

“There is no threat of collapse or default here.” 

The allegations came in a book published Monday by Italian journalist Gianluigi Nuzzi, entitled “Universal Judgment,” who claims the book is based on 3,000 pages of leaked documents. He alleges donations to the Holy See fell from 100 million euros to 60 million euros and their real estate portfolio failed to make a profit last year, the first time ever.

Galantino denied a crisis, saying the only loss was “an extraordinary intervention aimed at saving the operation of a Catholic hospital and the jobs of its employees” and they actually posted a profit of 22 million euros.

“There is no need for alarmism about the hypothetical default. Rather, we are talking about an entity that is realizing it needs to contain expenses. This happens in any good family or in any serious state.”

Galantino said they are going through a “spending review to contain personnel costs and the purchase of materials” which is “being undertaken with great care and attention.”

“The current situation of the administration of the Holy See is no different from what happens in any family or even in the nations of the different continents. At a certain point, one looks at what one spends, considers the revenue that comes in, and tries to adjust expenses accordingly.”

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