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The International Academy of Retail Banking (IARB), whose research and content division is based in Westport, Co Mayo, has announced that its Certified International Retail Banker (CIRB) qualification has been accredited by the Chartered Banker Institute of the UK, the oldest banking educational institute in the world. The IARB opened in Westport just over one year ago and currently employs 13 people in the town. A chief executive is currently being recruited. It intends to create around 40 jobs over the next three years, with the support of IDA Ireland.

Business lobby groups have welcomed the .5 per cent reduction in interest rates announced on Wednesday by the European Central Bank (ECB) and have demanded that the full benefit be passed on immediately by the banks.