ONE OF the religious orders that signed up to the controversial 2002 compensation agreement for residential abuse victims has launched a fund in Dublin to invest money on behalf of Catholic organisations across Europe.
Christian Brothers Investment Services (CBIS), a New York-based investment company founded by the De La Salle Brothers in 1981, aims to offer “ethical” investments to Catholic organisations such as dioceses, parishes and religious congregations.
The firm has established CBIS Global Funds, described as an “offshore” fund based in Dublin, to attract investments from Catholic institutions in Europe and beyond.
CBIS manages assets of $3 billion (€2 billion) in 10 funds based in the US through which “socially responsible” investments are made on behalf of more than 1,000 Catholic organisations. The Dublin-based fund will mirror the investments made by the firm in the US and will initially target Catholic organisations in Ireland, France, Italy and Spain.
A spokesman for CBIS declined to say how much it would try to raise through the Irish-based fund.
BNY Mellon Asset Servicing, part of Bank of New York Mellon Corporation and one of the largest fund administrators in the IFSC in Dublin, announced yesterday that it will help run the Irish fund.
“Catholic institutions in Europe and around the world have long expressed tremendous interest in integrating their values into their investments,” said Brother Louis DeThomasis, president of CBIS Global, in a statement launching the Dublin fund earlier this week.
The De La Salle Brothers were one of 18 religious orders that signed up to the 2002 redress agreement between the congregations and the State which indemnified the orders from redress claims made by abuse victims in exchange for payments and property capped at €127 million.
The total bill for the redress scheme is estimated at about €1.3 billion and the religious orders have come under pressure to make further contributions to reduce the cost to the State. The orders are due to report to the Government next week after agreeing to provide an independent assessment of their assets at a meeting with Taoiseach Brian Cowen last week.
The orders have agreed to contribute to a trust proposed by Mr Cowen so that further financial supports can be provided to individuals who attended their residential institutions as children.
The De La Salle Brothers were involved in residential care in England before opening St Laurence’s School in Finglas, Dublin, in 1972.
They ceased to be involved in the school in 1994.