THE GOVERNMENT has allocated €2.5 million to co-fund a programme of specialised training for Irish Financial Services Centre (IFSC) workers in international finance on a 50:50 basis with participants’ employers.

The Finuas programme, managed by the Skillnets organisation, is designed to provide training in banking and capital markets, insurance, investment management and professional services.

The programme will cost €5 million this year and Skillnets hopes to run it for five years, said its chief executive Alan Nuzum. This year’s allocation could fund 10,000 training days.

Asked whether he had any concern that the recession would curtail demand, he said: “All the signs are that there is demand for this. There’s certainly a recognition that this is part of the solution.”

The objective is to support firms to develop the expertise of their staff and support the international financial sector generally in the face of the global downturn.

Mr Nuzum said the training would be provided by academic or professional experts to staff within companies or networks of staff from several companies. The location and timing of programmes would be for employers to decide.

“Funding will also be available for the design and delivery of new or revised training solutions to address gaps in current provision,” Skillsnets said.

“All training developed and delivered under Finuas must be targeted at those in employment within this sector. Only businesses that are directly involved in, or provide professional services to this sector are eligible for funding.”

Skillnets, set up in 1999, is backed by business lobby Ibec, the Irish Congress of Trade Unions, the Construction Industry Federation and the Small Firms Association. It runs more than 100 training networks, each designed to provide professional development and upskilling programmes.