Posted: 12 May 2006
Minister Cowen launches strategic alliance between UCD and the Institute of Bankers in Ireland
The Minister for Finance, Brian Cowen TD launched a strategic alliance between University College Dublin and the Institute of Bankers in Ireland on 11 May 2006. The alliance will enhance and develop education and research in banking and financial services in Ireland.
Under the terms of the alliance, the Institute of Bankers will establish a new School of Professional Finance at its headquarters in the IFSC, which UCD will designate as the first external school to be recognised by the University.
Pictured at the launch of the strategic alliance between University College Dublin and the Institute of Bankers in Ireland (from left to right) Mr John Trethowan, President of the Institute of Bankers in Ireland, Dr Philip Nolan, Registrar, UCD and Mr Brian Cowen TD, Minister for Finance
UCD and the Institute intend the new School to provide a key source of strategic advantage to the financial services industry in Ireland. Through the new School, the industry will have access to relevant education of the highest international standard, and to curricula informed and enriched by a continuing programme of research. The School will provide the industry with access to executive short courses, to professional certification programmes, and to academic qualifications at all levels (up to and including doctorates). It will also serve the growing demand, from the industry, for applied and commercial research in financial services.
Pictured at the launch (from left to right) Mr. John Trethowan, President of the Institute of Bankers in Ireland, Dr Philip Nolan, Registrar, UCD and Dr. Anthony Walsh, Chief Executive, The Institute of Bankers in Ireland
The alliance will allow the School of Professional Finance to draw on the expertise of both UCD and the Institute. This is a doubly rich resource. UCD School of Business is ranked among the top fifteen European business schools and the Institute (with an individual membership of 21,000 and more than 50 financial institutions) is one of the world’s longest-established and most respected banking institutes. In addition, the School will draw on the expertise of national and international educational and professional partners of the University and the Institute.
Speaking at the launch of the alliance, the Minister for Finance, Brian Cowen said: 'The financial sector has been a significant beneficiary of the strong performance of the economy overall and, in turn, has contributed in a substantial way to our economic development. The success of Ireland’s financial sector is an excellent example of the ongoing transformation of the economy. Ireland’s performance in some of the key growth areas of what can be termed the ‘knowledge economy’, including financial services, highlights the importance of continuing to prioritise our international competitiveness.'
Mr. John Trethowan, President of the Institute of Bankers in Ireland commented: 'With employment in financial services currently standing at nearly 100,000 on the island of Ireland, this is an opportune time to form such an alliance and it will be of huge benefit to both the domestic and international financial services industry here. We need a world-class centre of excellence such as this if the financial services industry is to remain a key engine of growth for the new economy of Ireland – both North and South.'
'The new school’s education and research activities in conjunction with the UCD School of Business are consistent with government policy in moving certain sectors of the industry ‘up the value chain’, for example, by increasing the proportion of front office jobs in banking and asset management. Above all, this agreement will help to attract more international financial services companies to Ireland and stimulate start-ups of indigenous finance enterprises,” he added.
Commenting on the alliance, Dr Philip Nolan, UCD Registrar, stated: ‘Through this strategic alliance between UCD and the Institute of Bankers in Ireland world-class professional and executive education will be made available to those engaged in the financial services in Ireland. We will also build on the alliance to further develop our research programmes in banking and finance.’
‘The programmes will serve to promote high standards of professionalism, knowledge and expertise in the fields of financial services and banking in Ireland. World-class education and research leads to innovation, which is key for Ireland’s future international competitiveness’ he continued.
Role of the New School of Professional Finance
The new School of Professional Finance will offer the banking and financial services industry an effective ‘one-stop-solution’ for all its post-experience, part-time education needs, including academic qualifications at all levels, professional certification and executive short courses. Programmes will be comprised of course modules provided directly by the school and other UCD schools.
Existing courses will be transferred to the school, including:
- Bachelor of Financial Services (BFS)
- Master of Business Administration (MBA) targeted at the financial services industry
- MSc in Risk Management
In addition, the following will quickly be introduced:
- In consultation with the industry, new masters programmes in financial services
- Masters and PhDs by research in financial services
- Premium, executive short courses in financial services
- In-company programmes for individual banks and financial institutions.
The research activity of the School of Professional Finance will primarily focus on the facilitation of UCD-IOB-Industry research in financial services (including commercial research and development) and the supervision of the employees of financial services companies, undertaking research degrees.