The Newman Institute of Education, set up in Ballina in 1998, is to close. However, some courses being provided there will continue.
Courses currently being provided include liturgical studies, Christian spirituality, reading the scriptures, introduction to philosophy, spiritual direction, and a foundation course in counselling
Speaking to The Irish Times yesterday one of the institute's six Catholic bishop trustees, Dr Thomas Flynn, Bishop of Achonry, confirmed that courses at the institute were being scaled back and that the name would no longer be used.
It is believed the primary reason for the closure is financial. The institute had been supported by the Kennedy Charitable Foundation, based in Manchester, which was set up by multimillionaire Mayo-born businessman and chairman of Knock airport Joe Kennedy.
It is understood that many millions may have been spent on the institute.
At its launch on August 2nd, 1998, the then Bishop of Killala and its first chancellor, Dr Thomas Finnegan, said it was seen as the embryo of a Catholic university: "A small college with its own culture and ethos, gradually establishing links with St Patrick's College, Maynooth, the Pontifical Lateran University in Rome and the NUI colleges."
Theology would be at the centre of the institute, he said.
"The relationship between truth and freedom is at the heart of today's moral crisis. The very concept of universally valid principles is called into question.
"Another challenge comes from the continuing explosion of knowledge and its instant accessibility. It is in this environment that a Catholic university must operate at the interface between the church and the world of thought," he said.
