The indemnity agreement provided that the property contribution of the congregations was to be divided into two separate and distinct parts. The first part concerns property to be transferred from the congregations to the State, State agencies, local authorities or voluntary organisations after the date of the signing of the indemnity agreement on 5 June 2002. The total value of these property transfers for the purposes of the indemnity agreement was to be €36.54 million. The second part concerns property transferred from the congregations to the State, State agencies, local authorities or voluntary organisations between 11 May 1999 and the date of the signing of the indemnity agreement on 5 June 2002. The total value of these property transfers for the purposes of the indemnity agreement was to be €40.32 million. At this stage in respect of the properties in the first contribution, my Department has accepted in principle 34 of the properties offered. These properties have been valued by the congregations at €22.6 million. Of the properties offered, eight were rejected on the basis that no benefit to the State could be identified by acquiring a title while three properties are still under consideration.
In view of the fact that the State rejected eight of the original properties, the congregations submitted a list of additional properties for the State to consider in June 2003. One of the congregations was not in a position to offer an alternative property and decided to offer a cash sum equivalent instead. The amount being paid in cash by this congregation is €4 million, €2 million of which has already been received. The further €2 million will be paid in early 2004. The receipt of these cash payments reduces the value of the property to be transferred from €36.54 million to €32.54 million. Officials of my Department have considered the replacement properties offered and have informed CORI's legal representatives that the State was not in a position to benefit by acquiring a title to six of the properties concerned. The remaining six properties on this list are being considered by my Department. A decision will be conveyed to CORI's legal representatives in due course.
In relation to the schedule of properties already transferred, officials from my Department have sought additional information from CORI to ensure that each qualifies under the criteria laid down in the indemnity agreement regarding valuation, title and restriction on transfer for a 25 year period. To date, none of the properties on this list has been accepted.
