Church to receive billions in compensation for lost property

The church is to receive 83 billion crowns in compensation for property confiscated by the state which cannot be restored to it. However in view of the fact that the state cannot afford to make a one-off payment the actual sum will be much higher. Government representatives and church officials have agreed on a phased-out payment spanning 60 years. With an interest rate of 4.85 percent the church should receive 267 billion crowns in all. Finance Minister Miroslav Kalousek said that the agreement would now enable the state to privatize thousands of hectares of land and real estate, which were blocked by the ownership dispute.