 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 this.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, a papal official in Rome named Paolo Mennini manages this portion of the Holy See's assets—consisting of British investments, other European holdings and a currency trading arm.