The Central Bank and the Insight Research Ireland Centre for Data Analytics at University of Limerick have launched an artificial intelligence (AI) research partnership.
This six year collaboration will see the Central Bank funding a dedicated PhD programme in AI and data science.
The programme will be hosted by the Insight Research Ireland Centre and University of Limerick but available to all eligible researchers across the country.
The partnership will initially provide funding for six PhD studentships, focusing on applying AI and data science to achieve outcomes like safer financial systems and better outcomes for consumers of financial services.
The research projects will address challenging issues including responsible AI, financial crime, AI risks and regulation, cyber and climate risk.
"AI is an important technology for financial services firms and for central banks and is becoming more central to the provision of financial services for firms and households," said Trevor Fitzpatrick, Central Bank of Ireland.
"This partnership programme provides additional capacity to deepen understanding of applications of AI and data science, to safeguard consumers and the financial system and to broaden the bank's research base," Mr Fitzpatrick said.
Professor James Gleeson, Professor of Industrial and Applied Mathematics at University of Limerick, also welcomed the collaboration.
"Deep understanding of data science and AI is crucial for applications and regulation, so training of PhD students is very important to Ireland’s future," Professor Gleeson said.
