Noonan indicates troika agreement to protect social welfare and income tax rates

Finance Minister Michael Noonan has indicated that the EU/IMF/ECB toika has agreed that income tax and social welfare rates will not be cut in up-coming Budget.

"There was nothing in our discussions that would cause us to move from commitments we have made in the Programme for Government," he said.

The Government has successfully met its targets under the latest review of the bailout deal with the troika.

Mr Noonan said the Government would stick to the agreed Budget targets and said he did not expect the adjustment to be much more than €3.6bn.