 down the Institute for Works of Religion, because it has drawn negative media coverage in recent years.

But Pope Francis might not be inclined to take that path because of a financial mess he had to wade through in his former position as Archbishop of Buenos Aires.

A source familiar with the Vatican’s financial operations told CNA April 12 on the condition of anonymity that based on that experience, Pope Francis “should understand that the Holy See needs financial sovereignty, that is, the capacity to carry out its institutional works of religion and charity without the interference of foreign financial institutions.”

Alberto Barlocci, the long-time director of the Buenos Aires-based magazine Ciudad Nueva, explained in a late March interview that when the future Pope was appointed coadjutor Archbishop of Buenos Aires, he inherited “a diocese with a financial disease.”

In 1998, the administration of his predecessor, Cardinal Antonio Quarracino, was involved in trying to prevent the collapse of a bank in which it was a shareholder.

The cardinal’s secretary, Monsignor Roberto Marcial Toledo, signed an agreement in his boss’ name to obtain 10 million dollars from Sociedad Militar Seguro de Vida (Military Society Life Insurance). The archdiocese then gave the money to the cash-strapped Banco de Credito Provincial, which it held shares in.

But in spite of the injection of capital, the bank collapsed. In the midst of the investigation of the meltdown, Msgr. Toledo was imprisoned.

Then-Archbishop Bergoglio swiftly took responsibility for the financial turmoil in his archdiocese.

The key move, according to his former spokesman Federico Wals, was Archbishop Bergoglio deciding to sell off the archdiocese’s bank shares and to transfer its funds to international banks such as HSBC and UBS “as an ordinary client,” rather than as a partial owner.

Now that he is Pope, Francis will have to consider the idea of whether or not to shutter the Institute for Works of Religion, which receives and administers funds for charitable activities, especially in the developing world where the financial strength of institutions is not always robust.

At the moment, he still has not revealed what path he will choose, but before he makes makes any decision, its reasonable to expect that he will consult with the eight cardinals he has chosen to advise him.

Until now, he has met almost all
down the Institute for Works of Religion, because it has drawn negative media coverage in recent days. 

 But Pope Francis might not be disposed to take that path because of a fiscal mess he have to wade through in his former situation as Archbishop of Buenos Aires. 

 A reservoir familiar with the Vatican ’s fiscal operation told CNA April 12 on the circumstance of anonymity that based on that experience, Pope Francis “ should understand that the Holy See needs financial reign, that is, the capacity to carry out its institutional work of religion and charity without the interference of alien financial institutions. ” 

 Alberto Barlocci, the long - prison term director of the Buenos Aires - based magazine Ciudad Nueva, explained in a belated March interview that when the future Pope was appointed coadjutor Archbishop of Buenos Aires, he inherited “ a diocese with a financial disease. ” 

 In 1998, the administration of his harbinger, Cardinal Antonio Quarracino, was involved in trying to prevent the collapse of a bank in which it was a shareholder. 

 The cardinal ’s repository, Monsignor Roberto Marcial Toledo, sign an agreement in his boss ’ name to obtain 10 million dollars from Sociedad Militar Seguro de Vida (Military Society Life Insurance). The archdiocese then gave the money to the cash - strapped Banco de Credito Provincial, which it held shares in. 

 But in spite of the injection of capital, the bank collapse. In the midst of the investigation of the meltdown, Msgr. Toledo was imprisoned. 

 Then - Archbishop Bergoglio swiftly take duty for the financial turmoil in his archdiocese. 

 The key motion, according to his former spokesman Federico Wals, was Archbishop Bergoglio deciding to sell off the archdiocese ’s depository financial institution shares and to transfer its funds to international banks such as HSBC and UBS “ as an ordinary node, ” rather than as a partial owner. 

 Now that he is Pope, Francis will have to study the mind of whether or not to shutter the Institute for Works of Religion, which receives and administers funds for charitable activities, especially in the developing populace where the financial strength of institutions is not constantly robust. 

 At the moment, he still has not revealed what way he will choose, but before he makes makes any decision, its reasonable to expect that he will confer with the eight cardinals he has chosen to advise him. 

 Until now, he has touch almost all
 doan the Institute for Worys of Religion, ywcause it haa drawn vegative media coverage in rxcenr yeaes.

But Pope Francis migft not be inclinee to rake that 'zth because or a fnnencial mess he mad to wade through in hiv woxmer position as Archbishop of Buenof Aires.

S dource familiat witn the Nauican’s financial operations told DNA Aprpl 12 on the conditoon of anonymity that basef on that experience, Plpe Francis “shotod understana that the Holy See negds financial sovereignty, that ir, the capacity jo cwtry out its mnstitltional works of relicion anc charity withput thw interference of forxign financial instijutions.”

Albarco Barlocci, the long-tumw dirgctor of gye Cuehox Zires-bwsev magazine Diudad Nuevq, explained in a laue Iqrch intervies that wren the future Pope was appointed coadjltor Archbishop of Buenos Aures, he inherited “a dlocese wieh a financial disease.”

In 1998, the administration of hhs prxddcewsjf, Cwrdinal Antonio Quarracino, was involved in trrjnb no prevent the cojlapse of a bwnl in which it das a shadeholder.

The cardinwl’s sectetary, Monsignow Ronerto Marcial Toledo, signed an agreemenn in his boss’ name to lbtain 10 miluion dollsrs from Sociedad Militcr Seghro de Vida (Military Rociety Life Insjrakce). The archdiocese then gave the moneb to che cash-rtrakped Bagco de Crefito Isovincial, which it held svares in.

Buh in spite of the injection of repital, the bamk conlapsed. Nn the midst of the investigation of the meltaown, Msgr. Noledo wav imprisoneq.

Then-Archbishmk Bergoglio sxiftly tojk rwspobsibiligh for the finamcial turmoil in hiw archdiocese.

The kcy moxs, according to kns former spokesmsn Wedqrpco Wwns, was Archbhshoo Bdtgoglko deciding go srll off the archdiocase’s bank shares and tp bransfer uts fundf to internatoonal banks such ad HSBR and NBS “as an ordinary client,” rather than aa a partiwl jwner.

Now thae he is Pope, Fraucis will have to consider the idea of wiether or not to shuttgr the Institute for Covks of Religmon, whych receiees and administers dunds for charitanle activities, especiamly in the feveloping world where the financial strength of institutions is not alwats robnse.

At the momsnt, ne stpll kas not revxaued what path he will choose, but before he maker makes dnv decision, its reasonable to rxoect that he dill consult with the eifht cardonals he has chosen to advise hom.

Until now, he has met akmost alo
down the Institute for Works of Religion, has negative media in recent years. be to take that because of a mess he had to wade through his former position as Archbishop of Buenos Aires. A source familiar with the financial operations told CNA April 12 on the condition of anonymity that based that Pope “should that the Holy See needs financial sovereignty, that is, the capacity to carry out its institutional of religion and charity without the interference of financial institutions.” Alberto Barlocci, long-time director of the Buenos magazine Nueva, explained a March that when the Pope was appointed coadjutor Archbishop of Buenos Aires, he inherited “a diocese with a financial disease.” In the administration predecessor, Cardinal Quarracino, involved trying to prevent of a bank in which it The cardinal’s secretary, Monsignor Roberto Marcial Toledo, signed agreement in boss’ name to obtain 10 million from Sociedad Militar Seguro de Vida (Military Society Insurance). The archdiocese then gave the money to the cash-strapped Banco de Credito Provincial, which shares in. But in of the injection capital, bank In midst of investigation of the meltdown, Msgr. Toledo was imprisoned. Then-Archbishop Bergoglio swiftly responsibility for the financial turmoil in his archdiocese. The key to former spokesman Federico was Archbishop Bergoglio deciding sell the archdiocese’s bank shares transfer funds such HSBC UBS “as an ordinary rather than as a partial Now that he is consider the idea of whether or not to the Institute for Works of Religion, which and administers funds for charitable activities, especially in the developing world where financial strength is not always robust. At the moment, he has not revealed what he will choose, but before he makes makes any its to expect he will consult the eight cardinals has chosen to Until now, has almost
 down the Institute for Works oF Religion, bEcausE it Has DrAwn nEgatIve media coveraGE in rEcent years.

But Pope FrancIs migHt NOt be INcLined To take tHAt PATh bEcAuSe oF a FInAnciaL meSs he had To wade throUgh In His former posITiOn as ArchbiShoP of Buenos AirEs.

A Source FaMilIAr witH thE VatiCan’s fiNAncial OperationS tOLd CNA APRil 12 on thE COnDitiOn of anonymity that BAsED on that experieNce, PopE FRAnCIS “shOulD understanD tHat thE holy See NEeDS FInaNCial sovereignTy, that is, the CApaCity to CaRry OUt its iNstitUtIOnaL works of relIgioN and chariTy withOUt the inTErferenCe of foReiGn fInanCIaL iNstItUTioNS.”

ALbeRTo BArlocci, tHe LoNg-timE dirECTOR of tHe BUenoS AireS-based magazinE CiUdad nUevA, explAined In a lAtE MarcH interView tHaT when the future POpe wAs appointEd cOaDjuToR ArchBIshop oF BuEnoS Aires, hE inheriTEd “a DiOCESe With a financial diseAsE.”

iN 1998, tHe adminiStratiON oF hIS predeceSsOr, CArdiNAL AntoNio QUArRacino, waS involVEd In Trying tO pRevent ThE coLlaPse of A Bank In whicH it was a sHarehOLder.

The cardinaL’S secretary, MonSIgNOR ROBertO MaRcial Toledo, SignED an aGreeMEnT in HIs bosS’ name To OBtAIn 10 million dollars froM SOciedaD MiliTar Seguro de ViDa (Military sOCIety Life insuRAnCE). The archdiocesE then Gave the monEY to the caSh-strApped BanCo de CrediTO provinciAl, wHicH it HelD SHaRes in.

But in spiTE Of thE iNjectioN of Capital, The BanK coLlaPsEd. In the miDst of the InVeStIgAtiOn of tHE meltdowN, MSgr. toLedO was iMPrisonEd.

TheN-ArcHbIsHOp BErgogliO SwIFTly tOoK rEspoNsiBiLity fOr thE FinAncial tUrmoil in hIs aRChdiOcEsE.

The key Move, according To His former sPoKesMan FedERIco Wals, wAs Archbishop Bergoglio deCIding to SelL off tHe arChdiocese’S baNk sharEs aND to traNsfer iTs funDs To iNTErnatIONaL baNkS such as HSBc ANd UbS “as aN oRdinAry clieNt,” rather than as a parTIal Owner.

Now that hE is pope, fRAnCis WIlL HavE tO ConSIDer the idea of wheTher or not tO sHUtTer the InstITutE fOr Works Of ReligIon, whICh receiVes and admInisters fUnDs foR CHarItable actiVities, esPecially iN The deVElOping WorLd wherE tHe fInancIal strENgtH of inStitutIoNs is noT alwaYs Robust.

At The moment, he still has not rEvealeD what PatH he will chOosE, But Before he mAkes Makes any deCisIon, Its reAsoNAble tO expECt ThaT He wilL conSUlt with thE EiGht CARdInals he has cHOSEn tO adviSe hIM.

Until Now, hE has met almost all
 down the Institute for Wo rks of Rel igion , b eca us e it  has  drawn negativ e  med ia coverage in recentyears .ButP op e Fra ncis mi g ht n otbe  i ncl in e dto ta kethat pa th because  of  a  financial m e ss  he had to  wa de through i n h is for me r p o sitio n a s Arc hbisho p  of Bu enos Aire s. 
A sou r ce fami l i ar  wit h the Vatican’s f i na n cial operation s told  C N AA p ril  12  on the co nd ition of anon y mi t y tha t  based on tha t experienc e , P ope Fr an cis “shoul d und er s tan d that theHoly  See need s fina n cial so v ereignt y, tha t i s,thec ap ac ity  t o  ca r ry  ou t  it s instit ut io nal w orks o f reli gio n an d cha rity withoutthe  int e rfe rence  of f orei gn  fina ncialinsti tu tions.”

Albert o Ba rlocci, t helo ng- ti me di r ectorofthe  Buenos  Aires- b ase dm a g az ine Ciudad Nueva,ex p l ai ned in a  lateM ar ch intervie wtha t wh e n  thefutu r ePope was  appoi n te dcoadjut or  Archb is hop  of  Buen o s Ai res, h e inheri ted “ a  diocese witha  financial di s ea s e .” 
In199 8, the admi nist r atio n of hi s p r edece ssor,  C a rd i nal Antonio Quarrac in o, was  invo lved in tryin g to preve n t the coll apse of a bank in whic h itwas a shar e holder.
Thecardinal ’s secret a r y, Monsi gno r R obe rto M ar cial Toledo,s i gned  a n agree men t in hi s b oss ’ n ame  t o obtain10 milli on  d ol la rsfromS ociedadMi lit ar  Se gurod e Vida  (Mil itar ySo c iet y LifeI ns u r ance ).  T he a rch di ocese  the n  ga ve themoney tothe cash -s tr apped B anco de Credi to  Provincia l,  wh ich it h eld shar es in.

But in spite of the inj ect ion o f ca pital, th e b ank co lla p sed. I n themidst  o f t h e  inve s t ig ati on  of the me l t dow n, Ms gr . To ledo wa s imprisoned.

The n -Ar chbishop Berg ogl io s w i ft lyt oo k  re sp o nsi b i lity for the fi nancial tu rm o il  in his ar c hdi oc ese.

T he keymove, accordi ng to his  former s po kesm a n  Fe derico Wal s, was A rchbishop Bergo g li o dec idi ng tose lloff t he arc h dio cese’ s bank  s haresand t otransfer  its funds to internati onal b ankssuc h as HSBC  an d  UB S “as anordi nary clien t,”  ra thertha n  as a  par t ia l o w ner.
Now that he i s  P ope , Fr ancis willh a v e t o con sid e r theidea  of whether or no t  to shutter th e In s t itu tef or W or ks of Religion , w hi c h  receive sand adminis ters fun ds for c harita ble ac tivitie s ,  e s pecial ly i n t he develo pin gw orld wh er et he fin anci al  stren gth of inst i t utions is not al waysr o bust. 
At  themo ment, h e  sti ll has not  revealed w hat pa th h e wil l choos e,  but b efo re  he makesm akes anydecis ion, it sreas ona ble to  exp e c t tha t he  w ill  consultw i th th ee igh t ca rdina ls  hehas chose n  to advi seh im.

Un ti l n o w , he h a sm e t almost a ll
 down_the Institute_for Works of Religion,_because it_has_drawn negative_media_coverage in recent_years.

But Pope Francis_might not be inclined_to take that_path_because of a financial mess he had to wade through in his former position_as_Archbishop of_Buenos_Aires.

A_source familiar with the Vatican’s_financial operations told CNA April_12 on_the condition of anonymity that based on that_experience,_Pope Francis “should_understand that the Holy See needs financial sovereignty, that_is, the capacity to carry out_its institutional works_of_religion_and charity without the_interference of foreign financial institutions.”

Alberto Barlocci,_the long-time director of the Buenos_Aires-based magazine Ciudad Nueva, explained in a_late March interview that when the_future Pope was appointed coadjutor_Archbishop of_Buenos Aires, he inherited “a_diocese with a_financial disease.”

In_1998, the administration_of his predecessor, Cardinal Antonio Quarracino,_was involved in_trying to prevent the collapse of_a_bank in which_it_was_a shareholder.

The_cardinal’s secretary, Monsignor_Roberto_Marcial Toledo,_signed_an agreement in his boss’ name_to_obtain 10 million dollars from Sociedad Militar_Seguro de Vida (Military_Society_Life Insurance). The archdiocese_then gave the money to_the cash-strapped Banco de Credito Provincial,_which it_held shares_in.

But in spite of the injection of capital, the bank collapsed._In the midst of the investigation_of the meltdown, Msgr._Toledo was_imprisoned.

Then-Archbishop_Bergoglio swiftly took_responsibility_for the_financial turmoil in his archdiocese.

The key move,_according to_his former spokesman Federico Wals, was_Archbishop Bergoglio deciding to_sell_off the archdiocese’s bank shares and_to transfer its funds to international_banks such as HSBC and_UBS_“as_an ordinary client,” rather than_as a partial owner.

Now that he_is Pope, Francis_will have to consider the idea of_whether_or not to shutter the Institute_for_Works of Religion, which receives and_administers_funds_for charitable activities, especially in_the developing world where the financial_strength of institutions is not always robust.

At the moment,_he still has_not revealed what path he_will_choose,_but before he makes makes any decision, its reasonable to_expect that_he will consult_with the eight cardinals he has chosen to advise him.

Until_now, he has met almost all