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The acknowledgement by Galantino that APSA was in 2015 engaged in prohibited lending activity will probably have attracted the eye of European monetary watchdogs, who will need to discuss it in September. APSA was forced to jot down off 30 million of the 50 million euro loan, wiping out APSA’s profits for the 2018 monetary year. In 2016, Pope Francis partially reversed a number of the 2014 reforms, returning management of its funding activity to APSA from the Prefecture for the Economy. But final 12 months, Bishop Nunzio Galantino, head of APSA, acknowledged that it had loaned 50 million euros to finance the acquisition of an Italian hospital, the Istituto Dermopatico dell’Immacolata (IDI), in 2015, although APSA is prohibited from making loans that finance commercial transactions. That APSA is engaged in financial exercise that requires oversight was underlined when, in June this year, Pope Francis moved the office of the Vatican’s financial records database from APSA again under the administration of the Secretariat for the Economy - a move explicitly made to emphasise the necessity for exterior oversight.
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