Simply "ensuring that the next generation of Irish people believe in God" is the reality the Church is facing, not the expensive upkeep of buildings, Archbishop of Armagh Eamon Martin told The Irish Catholic.

"I'm very hopeful about the future but I do realise there is a lot of pain in letting go, there is a lot of worry. You look at the maintenance of buildings and huge churches and the expenses, financially the Church is going to be very, very poor - not to mention the impact of paying the just compensation to people who've been abused," Archbishop Martin said.

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During a meeting on 3 June with participants of a sustainable finance conference, the Pope emphasised the need for Catholic social teaching to critique, comprehend and improve financial structures.

The Church's social teaching to serve as a "compass" in this area,

However, for the financial compass to work, it is "necessary not just to admonish but to understand the workings of finance, identify weaknesses and propose concrete corrective measures" the Pope stressed.

The Pope commended the conference's aim to blend efficiency and effectiveness with holistic sustainability, inclusivity and ethics in dialogue with finance leaders.

Decrease inequality

Drawing on historical examples, Francis referenced 16th-century Spanish theologians who criticised the wool trade for underpaying shepherds.

Francis said the Spanish theologians deep knowledge of the financial systems enabled them to advocate for fairer practices.

"The Spanish theologians were able to intervene" he said.

"Because they knew that process, and therefore they did not just say: "we must seek the common good"; they explained what was wrong and called for specific action.

"It is up to you to figure out how to make inequality decrease" Pope Francis urged the scholars.

"You understand financial processes and that is your great advantage, but also a significant responsibility" Pope Francis told his visitors.

He reiterated his 2013 message from "Evangelii Gaudium" saying "Money should serve, not rule".

The Pope concluded by urging financial experts to consider the impact of their reforms on the poorest.

He stressed that financial reform should aim to improve the lives of those struggling for a dignified existence.

Sources

National Catholic Reporter

Vatican News

This statement is contained in a review prepared by public Accountant, Tupuola Oloiali'i Koki Tuala, which the Samoa Observer says was leaked to the Sunday Samoan.

In his report, Tupuola says the total current assets are estimated at $4.5 million tala, current liabilities are $12.0 million tala which places the current debt ratio at 0.375:1 or 0.38:1.

A debt ratio is a calculation used by those in the finance sector to determine how much risk is associated with an organisation or business, or in this case the Church.

"The current ratio is way below the standard acceptable level of l:l, hence the acid test assessment will most likely produce a negative ratio," Tupuola reports.

Staff have not been paid and creditors have refused further credit arrangements for the Archdiocese

The report provides a summary of key financial indicators which were used to determine the current financial position and going concern of the Archdiocese as at June 18, 2013.

Total liabilities as at 18m June 2013 are as follows:

• Bank loans WST$9,390,799
• Bank overdraft WST$1,271,547
• Trade creditors WST$8,982,731
• VAGST payable WST$2,007,525
• Creditors paid by land WST$1,772,116

That places the Church's total liabilities at WST23,424,718

Tupuola said "I have not audited the financial information provided for my review because of the limited time to carry out a full audit assessment."

"Including seeking independent external confirmations of all liabilities of the Archdiocese and examine all legal documents such as loan agreements, legal contracts, terms and conditions of credit facilities and; other legal documents.

"In addition, the financial statements as at May 31, 2013 had not been completed."

"The latest financial statements provided for my review is for the financial year as at December 31, 2011, which I received on 17th June 2013."

In July it was announced that the church's Finance Committee was to be chaired by Prime Minister Tuilaepa Sa'ilele Malielegaoi. and the Development Committee by Feesago Siaosi Fepulea'i.

At that time Monika Lamositele, Chief Financial Officer of the Church, said that a corporate plan was on the table.

She said that it's now a "well laid plan" for the Church's Corporate Plan and the chairs named above will be leading the Committees to upgrade Financial Reports within the Catholic Church.

Source

• Samoa Observer
• Samoa Observer
• Image: Rachel Nankivell

SPIEGEL: Mr. Brülhart, are you partly responsible for Pope Benedict XVI's resignation?

Brülhart: That does not fall within my area of responsibility. Why do you ask?

SPIEGEL: The first resignation of a pope in centuries has sparked widespread speculation. For instance, there is conjecture that the pope had to resign because he pushed for more transparency at the Institute for Works of Religion (IOR), commonly known as the Vatican Bank, and strove to clear it of all suspicions of money laundering. That is your job.

Brülhart: Let's allow conspiracy theories to simply remain conspiracy theories. Only the Holy Father emeritus knows the ultimate reasons for his resignation. It has nothing to do with my work.

SPIEGEL: Since September 2012, it has been your job to step up the fight against money laundering and remove vulnerabilities in the Vatican's financial system. How much of a willingness to make reforms actually exists?

Brülhart: Back in 2010, Pope Benedict XVI moved to combat money laundering and founded the Financial Information Authority (FIA). The first anti-money laundering law was introduced in 2011, and this legislation was further tightened a few months later. The Vatican has submitted to an audit by the European Council's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL). The Church intends to apply international standards.

SPIEGEL: The MONEYVAL report from the summer of 2011 certifies that the Vatican has made progress, but it still lists serious shortcomings, such as a lack of independence and the insufficient monitoring abilities of your supervisory authority.

Brülhart: We don't live in a world where everything is perfect at the push of a button. The report was an objective appraisal of the situation. We have made great efforts since then, and we shall continue to do so. The next step will involve bolstering the legal framework of the monitoring system within the IOR area of supervision, as stipulated. Continue reading

Sources

• Spiegel Online
• Image: The New York Times