BANKING GROUP Citi is spending $24 million (€16.4 million) on the development of a payments solution centre at its IFSC office in Dublin, a move that will lead to 100 jobs in research and development (RD) by the end of next year.

News of the investment came as the bank launched a new global Research, Development, Innovation and Learning Centre at its IFSC base. The centre, opened by Taoiseach Brian Cowen, will employ research specialists, analysts and technologists.

Mr Cowen paid tribute to the bank for exemplifying the “progress” that could be made even during recession.

“In crisis there’s also the prospect of opportunity,” he said, describing the IFSC as “a significant symbol of the modernisation of the country”.

Mr Cowen said the new Citi centre was an “endorsement” both of the bank’s Dublin office and of the Republic as a whole.

Seán Lemass, the former taoiseach who was the subject of a biography launched by Mr Cowen on Monday, would have approved, he added.

“We all know we’re coming through difficult times. Perhaps that discussion needs to move on,” Mr Cowen said.

Citi hopes to create “the next wave of financial platforms and solutions for the financial services industry”. As part of this effort, it will collaborate with technology companies such as Microsoft and Cisco and with academia and government.

The bank has operated in Ireland since 1965 and employs 2,000 people here.

The Dublin RD centre is the only such facility operated by Citi in the world.