THE Cabinet has approved a telemarketing project in Shannon which would create over 500 jobs. It is expected that details of the project will be announced by the Minister for Enterprise and Employment, Mr Richard Bruton, today.

It is understood that Consolidated Financial Insurance, a subsidiary of GE Capital Services, is to establish an insurance services centre and specialised information technology centre in the Shannon Free Zone.

It is believed that the company will base its operation in the direct marketing centre at the Shannon Free Zone, which attracts a 10 per cent tax rate. The project will also please the Government and the IDA who have faced criticism recently over the number of jobs, including telemarketing jobs, which have been located in Dublin.

GE Capital Services is a major US-based financial services group. It is best known in Ireland for its takeover of GPA after the collapse of its public flotation some years ago. GE Capital is also one of the front-runners to acquire Woodchester Investments. Six weeks ago, Mr Bruton announced a series of projects totalling 800 jobs for the Shannon region.

The Minister also confirmed yesterday that US company Hewlett Packard is to create an additional 1,000 jobs in Leixlip in a £100 million expansion of its assembly operations.