Speaking to the Irish Independent last week, Transparency International consultant, Jeremy Pope warned that the increase in perceived corruption in Ireland could adversely impact on foreign direct investment (FDI) coming into the country.

'Investors see corruption as an additional tax,' he explained, adding: 'You can have all the tribunals in the world and fill newspapers with reports on them, but at the end of the day nothing is done.'

Switzerland was also disappointed with the recently released survey results, as it was revealed that the country had, for the second year running, failed to make it into the top ten countries perceived as least corrupt by international firms and institutions.

The Alpine jurisdiction was ranked in twelfth position in the Transparency International report, which observed that although the country is generally perceived as 'clean', there is still something of an 'old boy network' to contend with.