Software Vineyard, a Dublin based firm that develops software for financial institutions, has made one-quarter of its workforce redundant.

Out of a total workforce of 73 people, 18 have lost their jobs due to the introduction of a rationalisation process at the company. Mr Paul Fawsitt, chief executive of Software Vineyard, said the decision for the cutbacks was due largely to the slowdown in the economy.

"We are still growing but not as quickly as we were," he said.