It has been confirmed that the US company PayPal is to create 1,000 jobs, which will be based at a new centre in Dundalk. 200 jobs will be created immediately with the remainder coming on stream over the next four years.

PayPal process online payments and is a subsidiary of the online auction site, EBay. The company already employs 1,000 people in Blanchardstown.

The news has been warmly welcomed throughout the north-east. The deputy chairman of Louth County Council, Michael O'Dowd, said the announcement was the culmination of a lot of work while the County Manager Conn Murray said it showed the area had much to offer. Recruitment is expected to begin this summer.

The PayPal operation will be involved in account management and risk management, and will also provide customer support for PayPal's operations in Europe, the Middle East and Africa.

PayPal considered locations elsewhere before choosing Ireland, its vice-president Louise Phelan said.