Accountancy and consultancy firm Ernst and Young, now known as EY, is to expand its operation in Belfast with creation of nearly 500 new jobs.

The company, which already employs 1,450 people across its five offices in the Republic and Northern Ireland, said the 486 new roles would be in various business consultancy fields, including auditing.

To be phased in over the next four years, the new jobs will contribute £19 million in salaries to the local economy.

Several other locations, including centres in Poland and Hungary, were apparently considered before Belfast was chosen.

Invest Northern Ireland is providing just over £3 million in grant aid to support the project and Northern Ireland’s Department of Employment and Learning is also providing training support.

Northern Ireland First Minister Peter Robinson said securing “these high quality jobs” had been a “real coup” for the region.

“This announcement sends an unambiguous message to international investors to have confidence in Northern Ireland as a competitive location from which to grow their business,” he added.

EY Ireland managing partner Mike McKerr said the new roles would comprise of a mobile and static workforce to provide assurance and advisory services to its domestic and international client base.

“This announcement will help the firm to achieve its twin targets of increasing its market share and delivering a quality, cost-effective service to its customer base,” he added.

Ernst and Young has its headquarters in London and employs about 175,000 worldwide.

It had global revenues of almost $26 billion (€19 billion).