A radical restructuring of the Irish financial services sector over the next few years was predicted yesterday by the chief executive of TSB Bank.

Mr Harry Lorton, addressing the UCC Commerce and Economics Society, said this would be an inevitable consequence of operating within the euro zone. "While this may result in a reduction in the number of institutions operating here, it will lead to a more efficient and more competitive banking system, which will be for the benefit of both personal and corporate customers - and indeed for the economy generally."