The thriving fund administration business that has propelled Dublin’s growth as a financial centre over the past decade would be hit if the Irish government is forced to raise its low levels of corporation tax as a condition of a bailout organised by the European Union and International Monetary Fund.

Irish politicians last week described raising the tax from its current level of 12.5% as "non-negotiable", but many observers see some increase as a long-term possibility in the face of the country's massive fiscal deficit.