CV NEWS FEED // Pope Francis has appointed Cardinal Kevin Farrell as the sole administrator of the Vatican’s pension fund to address a financial crisis threatening the fund’s sustainability.
In a letter dated Nov. 21 to cardinals and curial officials, the Pope described a “serious prospective imbalance” in the Vatican pension fund and underscored the need for “urgent structural measures.”
“Unfortunately, the figure that now emerges at the end of the latest in-depth analyses conducted by independent experts indicates a serious prospective imbalance of the fund, whose dimension tends to widen over time in the absence of interventions,” Pope Francis wrote. Without immediate reforms, “the current system is not able to guarantee in the medium term the fulfillment of the pension obligation for future generations,” he wrote.
According to Vatican News, the Vatican pension fund supports retired employees of the Roman Curia and Vatican City State. Addressing its deficits, the pope said, will require challenging decisions made with “sensitivity, generosity, and a willingness to sacrifice on everyone’s part.”
Cardinal Farrell, 77, has held several prominent roles in Vatican governance. He oversees Vatican investments as chair of the Pontifical Committee for Investments and has been tasked with ensuring alignment with Catholic social teaching amid ongoing financial scandals. The most notable controversy involved a loss-making London property purchase that led to a criminal trial.
Cardinal Farrell’s tenure, however, has been marred by controversies. In 2018, he claimed to be unaware of the abusive behavior of former Cardinal Theodore McCarrick, despite living in the same building and serving under his leadership in Washington, D.C.
In a widely criticized video interview with Catholic News Service, Cardinal Farrell stated, “I was a priest of Washington, D.C. I worked in the chancery… And never. No indication. None whatsoever.”
Cardinal Farrell also endorsed pro-LGBT Fr. James Martin’s book Building a Bridge, which dissents from Catholic teaching on homosexuality, in contrast to Church leaders who strongly condemned the book, including Archbishop Charles Chaput and Cardinal Robert Sarah.
The financial crisis in the Vatican’s pension fund comes amid broader challenges in the Holy See’s economic management. In a previous letter to the College of Cardinals, the Pope emphasized the importance of achieving a “zero deficit” and urged reforms to ensure “justice and equity between generations.” The sustainability of the pension fund, the Pope wrote, is critical for securing benefits for current and future Vatican employees.
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Author: Louis Knuffke
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