In 2001, the Holy See had a revenue of 422.098 billion Italian lire (about US$202 million at the time), and a net income of 17.720 billion Italian lire (about US$8 million). According to an article by David Leigh in the ''Guardian'' newspaper, a 2012 report from the Council of Europe identified the value of a section of the Vatican's property assets as an amount in excess of €680m (£570m); as of January 2013, Paolo Mennini, a papal official in Rome, manages this portion of the Holy See's assets—consisting of British investments, other European holdings and a currency trading arm. The ''Guardian'' newspaper described Mennini and his role in the following manner: "... Paolo Mennini, who is in effect the pope's merchant banker. Mennini heads a special unit inside the Vatican called the extraordinary division of APSA – ''Amministrazione del Patrimonio della Sede Apostolica'' – which handles the 'patrimony of the Holy See'."