Bernardino Nogara was the financial advisor to the Vatican between 1929 and 1954, appointed by Pope Pius XI and retained by Pope Pius XII as the first Director of the Special Administration of the Holy See. According to historian John F. Pollard, Nogara laid "the foundations" for "one of the biggest pillars for the Vatican's post-Second World War financial strength."

Pope Pius XI, born Ambrogio Damiano Achille Ratti, was the Bishop of Rome and supreme pontiff of the Catholic Church from 6 February 1922 to 10 February 1939. He also became the first sovereign of the Vatican City State upon its creation as an independent state on 11 February 1929. He remained head of the Catholic Church until his death in February 1939. His papal motto was "Pax Christi in Regno Christi", translated as "The Peace of Christ in the Reign of Christ".