Bank of Ireland is loaning part of its iconic building in College Green in Dublin to the State for 10 years. It will host a Cultural and Heritage Centre to stage exhibitions and other cultural events for the public.

Bank of Ireland will also facilitate guided access to the House of Lords for visitors to the centre. The bank will cover the costs of refurbishment and operation of the centre.

While the Department of Arts, Heritage and the Gaeltacht - in partnership with Bank of Ireland - will manage and operate the space for this period.

The 10-year licence for use of the centre runs alongside the Decade of Centenaries. It is hoped that exhibitions will include a significant focus on key events in Irish history - up to the centenary of Civil War.

Richie Boucher, Chief Executive of Bank of Ireland, said "We recognise that whilst we are focused on making a very significant contribution to Ireland’s future economic progress, we are also custodians of the Bank's own history and heritage and that our College Green buildings are a very important part of Ireland's history and heritage".

While work is underway to prepare the space for use as a Cultural and Heritage Centre, the Minister for Arts and Heritage Jimmy Deenihan will ask an expert committee to advise him on a programme of exhibitions and events to take place at the centre.

Minister Deenihan said it is an exciting development.