A subsidiary of General Motors Corporation is to create 210 jobs in Mullingar, Co Westmeath, by the end of 2002 with the establishment of a service centre as a base for its European and international operations.
The Tanaiste, Ms Harney, announcing the project, said that the investment showed the Republic still had the ability to provide the skilled people, services and infrastructure required to support such international operations.
GMAC Commercial Mortgage Corporation (GMACCM) of the US, an indirect subsidiary of General Motors Acceptance Corporation, specialises in multifamily loans - such as apartments with more than five units - and a variety of commercial lending and servicing, including office, retail and healthcare.
She said that the decision by the company to locate here came after an open day held in the town last November, which demonstrated to the company the availability of suitably qualified people and showed them the support they would receive from the town.
The company, which is to commence operations in February, has started recruiting already and a significant portion of the new jobs will suit people with the Leaving Certificate. A number of the new jobs will require graduates in a range of business disciplines.
Ms Harney said the centre was an important success for IDA Ireland in its strategy of attracting a higher percentage of greenfield overseas investments to regional locations. The Mullingar centre will operate a full commercial mortgage administration service operation. Its functions will include analysis of financial statements of property portfolios on which the mortgages have been made available, monitoring of all property insurance and tax requirements, and escrow analysis to ensure adequate funds are there to meet such commitments.
The initial 50 employees will be recruited to fulfil a variety of functions including IT systems support, financial statement analysis, insurance, tax and other property administration functions, bank reconciliation and corporate accounting functions.
The company has a servicing portfolio of more than 29,000 loans totalling more than $75 billion (€72.6 billion) and has its headquarters in Pennsylvania.
