Banking group Northern Trust is to expand its operations in Limerick creating 300 new jobs over the next three years.

This is the US firm’s second major expansion in three years and will bring its Limerick workforce to over 1,000 by the end of 2017.

This week the company extended its second office location in the city with space for an additional 250 new desks.

Operating in Ireland since 1989, Northern Trust provides asset and fund administration services to businesses and individuals.

It employs more than 500 people at a separate operation in Dublin, which was set up in 2000.

Taoiseach Enda Kenny described the announcement as “great news for Limerick and the mid-west region, and for those looking for work or new opportunities in Limerick and surrounding areas”.

“The Government is working to secure the recovery for the whole country and the financial services sector is a major employer and a key part of our recovery plan. To help grow the sector and create more jobs the Government will publish a new plan for the sector next week,” he added.

Minister for Jobs Richard Bruton, who who has met senior Northern Trust executives on several occasions since taking office, said: "Jobs are now growing in every region - but at the heart of our action plan for jobs is accelerating that growth right across the country."

The head of Northern Trust Ireland Clive Bellows said: "We gratefully acknowledge the support of IDA Ireland and the Irish Government as we focus on growing our Limerick office over the next few years, which together with our Dublin operations, will continue to position Northern Trust in Ireland as a key centre of fund administration."