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Pope Leo XIV issued “Coniuncta Cura” to allow the Administration of the Patrimony of the Apostolic See to use banks outside the Vatican for investments.
The palace was originally home to Cardinal Raffaele Riario, known for having invited Michaelangelo to Rome after being impressed by his artistic abilities.
The Vatican's balance sheet showed a deficit of $78 million in 2020.
The Holy See is facing a perfect storm of a massive income shortfall, months of financial scandal, and a looming international banking inspection.
Pope Francis Wednesday moved the office of the Vatican’s financial records database under the management of the Secretariat for the Economy – reversing a decision he made in 2016.