The Church’s assets are hardly “liquid.” The great majority of Church property consists, literally, of property: that is, land and buildings, often of little value and certainly almost all difficult to sell or make liquid. In fact, maintaining these properties for use for church services, charitable work, etc. represents a huge outflow of money and that money actually is already going to the poor and the non-poor who receive these services.
http://au.answers.yahoo.com/question/index?qid=20080629072127AAMRVFf
Note the comment on the cited link to the thousands of companies, corporations, etc. under which the Catholic Church has holdings invested.