Dr Heinz Hockmann, a member of the board of the managing directors of Commerzbank, expressed concern about Irish inflation during a visit to Dublin yesterday and warned that it could erode the competitiveness of industry here.

Opening the bank's new offices at the International Financial Services Centre, Dr Hockmann said: "I speak as a friend of Ireland, as someone who has seen the fantastic turnaround in the Irish economy and as someone who is concerned that the economic boom could be interrupted by the rising trend in inflation."