Speaking at the organisation's annual dinner on September 1, Mr Casey, who is also the chief executive of Permanent TSB, stated that an increase in corporate tax from 10% to 12.5% "will place at risk" important developments of the International Financial Services Sector over the last decade, and could result in a number of job losses.

"There is a real and imminent danger that significant parts of the international asset financing and leasing sector, and the corporate treasury sector - both major contributors to the economy - will be severely damaged by this transition unless steps are taken to protect them," Mr Casey remarked.

However, he welcomed the government's review of the financial services industry, and expressed hope that it would "inject a sense of urgency" into policy-making in the area so that appropriate changes can be enshrined in legislation in the 2006 Finance Bill.

"We must be alert to the ever-present risks to the international financial sector that has been the jewel in the crown of the Irish economy in recent years," Mr Casey observed.