Tánaiste Officially Opens GMAC Commercial Mortgage Ireland Ltd in Mullingar

Mary Harney, Tánaiste and Minister for Enterprise, Trade and Employment today (Friday 5th May, 2000) officially opened GMAC Commercial Mortgage Ireland facility at the Clonmore Industrial Estate in Mullingar, Co. Westmeath.

Speaking at the opening the Tánaiste said "I am very pleased to have the opportunity to officially open these new offices here in Mullingar. Although most people associate the name General Motors with the automotive industry not many realise that the financial services side of General Motors, known as General Motors Acceptance Corporation, is one of the largest financial institutions in the United States. The Commercial Mortgages company represented here today is the number one amongst some 154 companies in the US in the field of commercial mortgages."

The growth rate of GMAC has been outstanding. The company created a separate business unit for Commercial Mortgages as recently as 1994 when the business had four offices, 70 staff and IR£3.7 billion in commercial mortgages. In only six years since then it has grown the business to 50 offices, 1,500 people and IR£68 billion in commercial mortgages.

The Tánaiste said "GMACCM is a very welcome addition to Ireland’s commercial base and in particular to the Mullingar area. The company will create 210 jobs by the end of 2002 and I am delighted to see that since start-up this year already 35 people are employed at the facility, over half of whom had lost their jobs when Oxford Health Plans closed last year. "

The Tánaiste continued "The new technologies have opened up all sorts of possibilities, both for companies and individuals, for a reorganisation of working arrangements. This operation in Mullingar is a most interesting new example of the type of work which can now be successfully done at a distance of many thousands of miles from the markets being served."

The Mullingar office will carry out a wide range of functions for the company in relation to commercial mortgages, such as analysis of financial statements, insurance and tax administration, web research, which over time will make it a full service Commercial Mortgage Administration facility.

Concluding the Tánaiste said "I would like to take this opportunity to wish every success for the future for you and your staff here in Mullingar."