An Austrian fund for reparations to victims of the Nazi Holocaust is shutting down after 11 years “due to limited finances.”

The Reparation Fund for the Victims of National Socialism said in a statement issued Tuesday that it has recognized claims totaling some $1.5 billion (nearly 1.2 billion euros).

However, it was able to pay out only a fraction of the claims, “due to its limited finances,” according to fund chairman Sir Franklin Berman of Britain.

As a result, he said, the compensation can only be seen as “a late gesture of reconciliation.”

The fund paid out a total of $210 million (nearly 168 million euros) before making the decision to shut down.

A total of 20,702 applications were submitted to the fund since it began its work in 2001, the fund noted in its statement.