1 . 27 . 21 The list of grave issues that must be addressed during a future papal interregnum, and by the cardinal-electors in a conclave, continues to grow. The finances of the Holy See are arguably in worse shape than at any time since the papal interregnum of 1922; then, money had to be borrowed to pay for the conclave as Benedict XV had virtually bankrupted the Vatican in his efforts to aid refugees and POWs during World War I. Notwithstanding the reforms Pope Francis has put into place, the Holy See now faces a vast, unfunded pension liability; incompetent investment management (and worse) has done serious damage to the Vatican balance sheet; and contributions, not least to Peter’s Pence, are down dramatically.