300 Irish financial services jobs for disadvantaged non-financiers

Good news: 300 new jobs are being created in Dublin's International Financial Services District. However, they are being earmarked for people from disadvantaged backgrounds that would normally have been excluded from the financial sector.

The National College of Ireland has rolled out an educational initiative which aims to give 300 members of disadvantaged communities - in areas like inner city areas of Dublin and the docklands - jobs in the IFSD.

Obviously, philanthropic ventures like this are not be scoffed at, and when the scheme was conceived 12 months ago it would have been an innovative way to combat the skills shortage in the industry.

However, with redundancies on the up in Ireland's financial sector, perhaps the timing could have been better.

Paul Mooney, president of the National College of Ireland, says: "The recession may have already bottomed out and we could shortly be entering the period before the next boom. We have ready ourselves for that and financial services will be a huge part of Ireland's future."

State Street Ireland is the main sponsor of the venture, but it is also supported by industry bodies such as Institute of Bankers, Irish Funds Industry Association and Irish Banking Federation.

"Despite the economic downturn, the financial services sector must demonstrate a commitment to job creation and to the communities in which we do business," said William Slattery, head of State Street Ireland.

The scheme is aimed at 17-year-olds from disadvantaged areas, but is the first of three initiatives aimed at recruiting people to financial services from non-traditional backgrounds.

"We'll be targeting older workers who may have felt they missed out on an opportunity to work in financial services, as well as people with disabilities," says Mooney.