Oracle should shortly announce the creation of more than 300 jobs at its East Point Digital Park facility in Dublin. The move would place the Republic squarely at the centre of the firm's operations in Europe.

Most of the new jobs are likely to go to software engineers and programmers who will manage all Oracle's IT needs for business applications outside the US.

Activities will include central management of all Oracle's database, finance, human resource and order processing packages.

The announcement is the culmination of recent moves to make Dublin the European centre for Oracle's software applications.

The corporation employs 500 people in Ireland. Their functions include software development, telemarketing, and some software production.

Now the company's information throughout Europe will be internally managed in Dublin.

Industry sources have said Oracle may be consolidating its activities in Dublin to make it its administrative European headquarters.

Oracle's chairman and chief executive, Mr Larry Ellison, recently outlined a strategy where the firm would offer IT services to non-IT companies.

Because of rapid advances in access to the Internet and broadband technology, complex computer applications can now be delivered electronically from any location.

Oracle plans to capitalise on potential lucrative revenues from the provision of these application services.

As an application service provider (ASP) it will remotely maintain software products and applications for client companies. The service is still in its pilot phase in the US, with only 30 companies testing the system. A site in Reading, England, has already been earmarked for Oracle's international client ASP business. The Dublin facility will operate as Oracle's internal ASP centre in Europe.

Earlier this week Oracle's stock made a record jump giving it a market value of more than $100 billion for the first time in its 21-year history.