Fundamental Agreement Between the Holy See and the State of Israel Fundamental Agreement Between the Holy See and the State of Israel The Fundamental Agreement between the Holy See and the State of Israel or "Fundamental Accord" is a treaty or concordat between the Holy See and the State of Israel, signed on 30 December 1993. The Agreement deals with the property rights and tax exemptions of the Roman Catholic Church within Israeli territory. It did not resolve all issues, and the parties continue to meet in an attempt to resolve the issues outstanding. As a result of the Agreement, diplomatic relations between the Holy See and Israel were established in
Administration of the Patrimony of the Apostolic See and the Holy See. Both before and after the reorganization of its functions in 2014, APSA has been distinct from the Prefecture for the Economic Affairs of the Holy See. The assets entrusted to the Administration (previously in the care of what was its Extraordinary Section) were initially 750 million Italian lire (at that time equivalent to 8,152,000 pounds sterling) in cash and 1000 million Italian lire (at that time equivalent to 10,869,000 pounds sterling) in Italian State bonds, an amount less than Italy would have paid under the Law of Guarantees of 1871, if the Holy See had accepted