Tax receipts for 2015 give Exchequer major boost

The Exchequer ran a deficit of €62m last year, according to new figures this afternoon.

The loss for 2015 compares to a deficit of more than €8bn a year earlier.

The improved performance comes after tax revenue for 2015 was more than €3.3bn higher than expected.

Corporation Tax accounted for more than €2.3bn of extra money, although every single tax category produced more cash than expected.

State spending was up 3% last year, while the country spent nearly €7bn paying interest on its national debt.