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The move will lead to creation of 30 high-end positions including project managers, analysts and software/hardware engineers.

Financial services giant Citigroup is to invest €35m in its research and development (R&D) arm in Dublin's financial services centre. The move will lead to the creation of 30 high-end positions including project managers, analysts and software/hardware engineers.

Speaking from Citigroup's headquarters in New York, Taoiseach Brian Cowen welcomed the move and said: "Citi (the Citigroup brand) celebrated 40 years in Ireland in 2005, and today employs 2,200 people across its Irish operations.

"It is all the more pleasing that Ireland today can provide a platform for its most sophisticated and high level activities such as research, development and innovation programme in eBanking, which will not just further embed the company in Ireland but could, in due course, result in a highly innovative operating model for the banking industry globally."

The move, which will be considered a coup for the Government, comes against the backdrop of a slowing economy and the outsourcing of thousands of jobs to cheaper locations overseas in the recent past. Financial services are considered critical for future economic growth.

Recent figures from the Central Statistics Office (CSO) show the number of people employed in services, including financial services, was up 9pc in the three months ended February 2008.

Yesterday, Citi said the investment, which is supported by the IDA, is being undertaken in response to the pressures which the financial services industry is experiencing such as increased demands from customers for services supported by new technologies and access channels.

Solutions

Paul Galant, chief executive officer of Global Transactions Services, Citi said: "We will deliver shared infrastructure solutions by combining best-in-class banking and technology expertise utilising the research, development and innovation capabilities we have developed in Ireland since 2005."

Citi's main business in Ireland, Citibank Europe, generated pre-tax profits of €375m in 2007. Citi Ireland country officer Aidan Brady said that the announcement demonstrates Ireland's continued ability to be a world class location for the company. Citi has more than 200m customer accounts and operates in over 100 countries.

Ailish O'Hora