Bernardino Nogara

Who was Bernardino Nogara?

Bernardino Nogara was the financial advisor to the Vatican between 1929 and 1954, appointed by Pope Pius XI and retained by Pope Pius XII as the first Director of the Special Administration of the Holy See. According to historian John F. Pollard, Nogara laid "the foundations" for "one of the biggest pillars for the Vatican's post-Second World War financial strength."

Nogara's career was characterized by an "ability to move fluidly in the highest circles of industry and politics as well as the Church". In his role as Director of the Special Administration, Nogara made large investments in many of the largest companies in Europe, personally becoming a board member of a "mind-boggling" number of firms, and appointing directors to many others.

Though a Catholic with several close relatives in the Holy Orders, Nogara insisted that his investments remain unrestricted by religious or doctrinal considerations. Under Pius XI, Nogara made large investments in firms contrary to Catholic social teaching and made direct loans to Mussolini's government prior to Mussolini's 1935 invasion of Ethiopia.