logo
New pope will face a Vatican budget crisis and myriad other problems

New pope will face a Vatican budget crisis and myriad other problems

Irish Times28-04-2025
Heavy is the white mitre worn by the pope. Whoever emerges from the coming conclave as the new leader of the 1.4-billion-member Catholic church will face myriad problems.
Among the pressing issues are a widening gap in Vatican finances, church attendance falling in many western countries, and doctrinal debates over issues such as ordaining women as clergy and over LGBTQ Catholic inclusion portend coming divisions.
[
Conclave: Vatican confirms date of secret meeting to elect new pope
]
The Vatican's financial crisis was one of the late
Pope Francis
' last headaches. In Last February, three days before the final time he was admitted to hospital, he ordered the creation of a new high-level commission to encourage donations to the Vatican, which is facing a budget shortfall and growing liabilities for its pension fund.
Although the Vatican hasn't published a full budget report since 2022, the last set of accounts, approved in mid-2024, included an €83 million shortfall, two knowledgeable sources said.
READ MORE
The shortfall in the pension fund was estimated to total €631 million by the Vatican's finance tsar in 2022. There has been no official update to this figure, but several insiders said they believe it has ballooned.
Rev Thomas Reese, a Jesuit priest and commentator who has written about the Vatican's finances, said the budget woes could have a 'tremendous impact' on who the cardinals entering the secret conclave in the coming days choose as the new pope.
'They're going to have to elect somebody who's a fundraiser, not a pastor,' Rev Reese said.
If the cardinals are looking for someone who is familiar with where to make funding cuts across the Vatican's complicated bureaucratic structure, they may turn to Italian Cardinal Pietro Parolin.
A leading papal contender, he was the Vatican's number-two official for nearly all of Francis' papacy. But Parolin also led the Vatican's Secretariat of State when it was embroiled in a scandal over the messy investment of more than $200 million in the purchase of a building in London.
Cardinal Angelo Becciu, once one of Parolin's key deputies, was later
convicted of embezzlement and fraud by a Vatican court and sentenced to five-and-a-half years in jail
. Becciu denies all wrongdoing and is free pending an appeal.
Across the world, the Catholic church has grown slightly in membership in recent years. There were 1.405 billion Catholics globally at the end of 2023, up 1.15 per cent from 1.389 billion at the end of 2022, statistics show.
The highest proportion of Catholics are in the Americas, with 64.2 per cent of the population in North and South America being baptised Catholic. Europe follows at 39.6 per cent, Oceania with 25.9 per cent.
But, generally, the rate of infant baptisms, a key indicator of growth for the faith, are highest in developing countries.
The highest ratios of infant baptisms per 1,000 Catholics, Vatican statistics show, are in American Samoa (71.2), several islands in Oceania (37.7 to 21.8), Burundi (23.6), Cambodia (22.3), East Timor (20.3) and Myanmar (20.1).
Meanwhile, many European countries are experiencing declines. The German bishops' conference reported earlier this year that only 29 new priests had been ordained in the country in 2024, a historic low.
They also said around 321,000 German Catholics had left the church that year. The total number of Catholics in Germany, whose population of 83 million was once about half Catholic, is now below 20 million.
Looking at the patterns of growth, some cardinals searching for the new pope may wish to turn away from Europe towards Asia or Africa. In that case, a likely contender is Filipino Cardinal Luis Antonio Tagle.
[
The 'Papabiles': Six men who could become the next pope following the papal conclave
]
A former archbishop of Manila whom Francis asked to lead the Vatican's evangelisation office in 2019, Tagle is known for a charming, down-to-earth persona and would be the first pope from east of modern-day Turkey.
The Philippines, a country of nearly 115 million, is almost 80 per cent Catholic. When Francis visited the Philippines in 2014, he attracted the largest crowds in papal history.
An outdoor mass in Manila included an estimated seven million people. But Tagle was also embroiled in a scandal. In 2022, Francis removed him from a job leading a Vatican-based confederation of 162 Catholic relief, development and social services organisations working in more than 200 countries.
Francis fired the entire leadership of Caritas Internationalis following reports of bullying by management. Tagle's role, akin to chancellor of the organisation, was mostly ceremonial.
In terms of doctrinal disputes, Francis largely sought to open up the church to new conversations. Topics such as women's ordination, taboo for decades, were allowed to be debated.
He created two commissions to consider ordaining women as deacons, who are ministers like priests but cannot celebrate the mass. One of the commissions has not yet completed its work. Francis also allowed for priests to bless same-sex couples on a case-by-case basis.
His moves drew criticism from conservative Catholics, including a few cardinals, who feared he was watering down the faith. Some cardinals are now calling for a change of direction.
Cardinal Gerhard Mueller, a conservative, said the next pope should not be a successor of Francis, but a successor of St Peter, the first pope.
Pope Francis, Mueller told La Repubblica newspaper, was 'a bit ambiguous' with doctrine. With regard to same-sex blessings, 'you must not jeopardise the Catholic doctrine on matrimony', he said. – Reuters
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Italy's Mediobanca gets ECB approval for Banca Generali deal
Italy's Mediobanca gets ECB approval for Banca Generali deal

RTÉ News​

time5 hours ago

  • RTÉ News​

Italy's Mediobanca gets ECB approval for Banca Generali deal

Italy's merchant bank Mediobanca has received European Central Bank approval to buy private bank Banca Generali and create Italy's second-largest wealth manager, as it seeks to thwart a takeover bid from Monte dei Paschi di Siena. The ECB has also approved the acquisition of direct and indirect shareholdings that together amount to more than 10% of the Mediobanca Banking Group's consolidated own funds. The ECB's green light paves the way for merchant bank Mediobanca to launch its offer if it wins shareholder backing at a vote due on August 21. Mediobanca had originally scheduled the vote for June but had to push it back as the proposal lacked sufficient support. Meanwhile, state-backed Monte dei Paschi (MPS) is attempting to buy Mediobanca, amid a consolidation wave sweeping Italian banking. By cutting its MPS stake to below 12% from the 68% it acquired in a 2017 bailout, Rome has brought on board as leading MPS shareholders, Italy's billionaire Del Vecchio and Caltagirone families. To fend off the MPS bid, Mediobanca CEO Alberto Nagel, in April proposed buying Banca Generali, which is owned by Generali, Italy's biggest insurer, whose key investors are Mediobanca, the Del Vecchios and the Caltagirones. Under Italian takeover rules, Mediobanca needs shareholder approval for the Banca Generali deal due to the MPS bid, which would become more costly if Mediobanca buys Banca Generali. Generali, which would acquire its own shares by tendering its 50.2% Banca Generali stake, said this month it was open to continue discussing the proposal.

Mediobanca shareholders reject Banca Generali deal in blow to CEO
Mediobanca shareholders reject Banca Generali deal in blow to CEO

RTÉ News​

time5 hours ago

  • RTÉ News​

Mediobanca shareholders reject Banca Generali deal in blow to CEO

Shareholders of Italian merchant bank Mediobanca have rejected the proposal of its chief executive Alberto Nagel to buy Banca Generali, a takeover that would have created Italy's second-largest wealth manager. The result deals a heavy blow to Nagel's strategy to block a bid by state-backed Monte dei Paschi di Siena (MPS) to take over Mediobanca in one of a series of transactions reshaping the Italian banking landscape. Opposition to the Nagel plan was led by the two main investors in Mediobanca, Italy's billionaire del Vecchio and Caltagirone families, who together hold nearly 30% of its capital. To fend off the MPS bid, Nagel in April proposed a €6.8 billion deal to buy Banca Generali, which is owned by Generali, Italy's biggest insurer, whose key investors are Mediobanca, the Del Vecchios and the Caltagirones. Mediobanca declared the Banca Generali bid lapsed. "This is clearly an opportunity, for now, missed for the development of our bank and the Italian financial system," Nagel said in a statement. He noted that it was down in part to "shareholders who also expressed a clear conflict of interest in their engagement activities, putting (their interests) relating to other Italian situations/assets before those of Mediobanca shareholders." Under Italian takeover rules, Mediobanca needed shareholder approval for the Banca Generali deal due to the MPS bid, which would have become more costly if Mediobanca had bought Banca Generali. The rejection of the Banca Generali deal removes a potential hurdle for Monte dei Paschi to snap up Mediobanca. Mediobanca had postponed the shareholder vote on the Banca Generali bid at the last minute in June as the proposal lacked sufficient support. In the vote today, 35% of shareholders backed the deal, 42% voted against or abstained, meaning it failed to reach the required threshold of 50% of the bank's capital present at the meeting.

‘The end of an era' – Popular Irish food spot to shut its doors for good after 35 ‘incredible' years
‘The end of an era' – Popular Irish food spot to shut its doors for good after 35 ‘incredible' years

The Irish Sun

time8 hours ago

  • The Irish Sun

‘The end of an era' – Popular Irish food spot to shut its doors for good after 35 ‘incredible' years

It was a popular spot for celebrations, date nights and family gatherings 'TRULY GUTTED' 'The end of an era' – Popular Irish food spot to shut its doors for good after 35 'incredible' years A POPULAR Irish restaurant has announced its shock closure as 'rising costs have made it impossible' to continue. Fans were "truly gutted" to hear Little Caesars in Rathfarnham, Dublin is closing its doors after 35 years. 5 Fans were shocked to hear of Little Caesars' closure Credit: @little_caesars_rathfarnham 5 The restaurant is closing after 35 years Credit: @little_caesars_rathfarnham The Italian restaurant, located by The Orchard, was a popular spot for celebrations, date nights and family gatherings. Little Ceasars' owners said the shock closure, announced yesterday, was due to increasing costs. They said: 'It's with the heaviest of hearts that we announce we have closed our doors after 35 incredible years. 'The rising costs have made it impossible for us to continue, but what will always remain are the memories we've shared within these walls. 'We've watched families grow through three generations here. 'We've seen first dates turn into weddings, children turn into parents, and strangers turn into friends. 'To our regulars who became family, and to those who only visited once, thank you for letting us be a part of your lives.' The crew at Little Caesars said the restaurant was more than just a business. They said: 'Little Caesars was never just a business, it was a home, built on community, laughter, and love. 'We will carry those memories with us forever, and we hope you will too.' Locals took to social media to share their shock on its closure. One person said: 'This is incredibly sad. It's unfortunately completely unavoidable in the current climate when revenue is taking every cent from hospitality. Add incredibly low margins and increased costs. 'I am devastated for you all. There will be many more businesses following as the government are not listening. "You ran a great business that survived many a storm. We hope to see you again.' 'SO SAD' Another said: 'Devastated isn't the word! So many great memories and family occasions over the last 30+ years.' One fan shared: 'So sad to see this. The memories from here go back 23 years where we had our first date, celebrated all our big milestones. "We've brought our kids since babies. 'Celebrated their communions and confirmations. Truly gutted.' While another added: 'I am devastated to hear this news this was where we celebrated most of our family occasions over the years, my mam's favourite and the last place we all dined together before she passed. 'We have some very special memories from Little Caesars you will be so missed.' Meanwhile, another South Dublin restaurant is set to shut its doors for good . The Yew Tree in Terenure, loved for its Sunday Roast, is closing down next week. Owners Maire and Geoff have confirmed that they would cease operations on August 31. 5 The closure is due to increasing costs Credit: @little_caesars_rathfarnham 5 The owners announced the news yesterday Credit: @little_caesars_rathfarnham

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store