For Immediate Release

Fleet Bank Calls RCAB's
Credit Line
Financial Community Loses Confidence
in Archdiocese

Newton, Mass., September 27, 2002- VOTF has learned that Fleet Bank has called the Roman Catholic Archdiocese of Boston's $9 million credit line. The RCAB in turn has obtained a $12.5 million credit line, secured by its Chancery property, from the Knights of Columbus, of which $9 million will be used to repay the Fleet Bank loan, leaving $3.5 million remaining for operating expenses.

This turn of events is another indication of the continuing financial deterioration of the Archdiocese of Boston. It is also an indication that the financial community has lost confidence in the management of the RCAB, and it reflects the disappointment and discontent of lay Catholics in the Boston Archdiocese.

Although the refinancing that the Archdiocese received from the Knights of Columbus addresses its immediate financial needs, the plan does not address the underlying causes of the Archdiocese's distressed financial situation. Clearly, other contributing factors include the costs associated with the clergy sexual abuse scandal and the significant decline in financial support by the laity as a result of this scandal.

Typically, organizations in financial distress adopt a plan of reorganization that addresses the underlying causes of their problems. Perhaps the most significant underlying cause of the RCAB's financial deterioration is the laity's loss of trust in the hierarchy, which has resulted in a withholding of lay financial support. For trust to be restored, the hierarchy must work in collaboration with the laity. Accordingly, a plan of reorganization should be developed in cooperation with competent laity, who represent over 99% of the Church and who provide 100% of its financial support.

About Voice of the Faithful
Voice of the Faithful is a Newton, Mass.-based organization of concerned Catholics formed in response to the clergy sexual abuse crisis. The group's mission is to provide a prayerful voice, attentive to the Spirit, through which the Faithful can actively participate in the governance and guidance of the Catholic Church. Its goals are to support victim/survivors of abuse, support priests of integrity, and shape structural change within the Catholic Church. VOTF's supporting membership exceeds 25,000 registered individuals from more than 40 U.S. states and 21 countries.