Vatican finds millions of euros

Vatican City -The Vatican's economy minister says hundreds of millions of euros have been found "tucked away" in accounts of various Holy See departments without having appeared on the balance sheets.

In an article for Britain's Catholic Herald magazine, Australian Cardinal George Pell wrote that the discovery meant overall Vatican finances were in better shape than previously believed.

"In fact, we have discovered that the situation is much healthier than it seemed, because some hundreds of millions of euros were tucked away in particular sectional accounts and did not appear on the balance sheet," he wrote.

"It is important to point out that the Vatican is not broke ... the Holy See is paying its way, while possessing substantial assets and investments," Pell said.

Guarded its independence

He did not suggest any wrongdoing but said Vatican departments had long had "an almost free hand" with their finances and followed "long-established patterns" in managing their affairs.

"Very few were tempted to tell the outside world what was happening, except when they needed extra help," he said, singling out the once-powerful secretariat of state as one department that had especially jealously guarded its independence.

"It was impossible for anyone to know accurately what was going on overall," said Pell, head of the new secretariat for the economy that is independent of the now downgraded secretariat of state.

Since the pope's election in March last year, the Vatican has enacted major reforms to adhere to international financial standards and prevent money laundering. It has closed many suspicious accounts at its scandal-rocked bank.