Under the alliance, the Institute of Bankers has established the School of Professional Finance in the institute's headquarters in the International Financial Services Centre, Dublin.

This is an exciting development for both academics and professionals involved in the banking and financial services sector. The school is also the first external school of its kind to be recognised by the university.

"The initial reason behind the alliance was that we were recognising the fact that banking and financial services are key drivers of the economy in Ireland, " says Institute of Bankers chief executive Dr Anthony Walsh.

"There are at least 50,000 people working in the sector and it's a knowledge-driven industry." The institute and UCD both saw a need to enhance the range of education and research in the knowledge-driven sector.

"The Government has identified financial services and the banking sector as an important source of growth.

It's moving up the value chain and education and research are key to that, " says Walsh.

"The institute and UCD are well placed to operate the school. The institute is the leading professional banking educational body, with 22,000 institutional members and 6,000 students, and UCD is the leading academic school of banking."

This view was clearly supported at the launch of the alliance. Speaking afterwards, Minister for Finance Brian Cowen TD 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 alliance builds on earlier success in co-operative ventures between the two institutions and aims to provide world-class education and applied research in banking and financial services."

Walsh says that prior to the alliance, all key players were consulted and there is great excitement among the institute's members about the opportunities available to staff. A few months after the initial announcement, the institute's chief executive is happy with its progress and looking forward to 2007 when the banking and financial services sector should start feeling the effects.

The school caters for different types of professionals working in banking and financial services, from entry-level staff up to graduates and executives. It offers certificate courses up to masters and doctorates, as well as research opportunities.

"We will ensure members of the institute always have access to curricula of the highest international standard, informed and enriched by a continuing programme of research, " Walsh explains.

"The institute itself is well established at this stage but, with the new school, we hope to build on the base that already exists. There is no educational ceiling, no limit to educational advancement.

We also cater specifically to workers who are combining employment and education."

The main aim of the school is to become a centre for financial services-related education. "We are aiming for it to become a world-class centre for education. We want to have a strategic advantage [over other countries], " says Walsh. "Ultimately, we want to improve the indigenous banking and financial services sector and services available in corporate and personal banking."

The school is open for autumn registration. See www. instbankers. ie or phone the institute on 01 6116500.