The Government is to spend more than €7.5m on a maths and computation research project aimed at enhancing the financial services industry in Ireland.
The funding will be distributed through Science Foundation Ireland, with both universities and industry involved in the project.
Announcing the funding, Tánaiste Mary Coughlan said the Irish Financial Services Centre currently generates approximately €22bn in service exports annually.
She said the creation of the new Strategic Research Cluster built on this and dispelled any notion that scientific research was removed from day-to-day economic activities.
The research will be led by UCD and will involve collaboration with researchers in other universities as well as industry partners, including Pioneer Investments, Ryan Capital Ltd and The Institute of Bankers in Ireland.
