Details of low-cost German credit not yet finalised

The Minister for Finance said the details of a deal with Germany to provide loans for Irish companies at cheaper interest rates now have to be worked out.

Michael Noonan claims the bilateral agreement between Ireland and Germany will help provide money to the "real economy" here.

The deal was announced yesterday as part of the Government's decision to exit the bailout programme without an emergency credit line.

Minister Noonan has, however, stressed the deal is nothing to do with the rest of Europe.

"The Taoiseach and chancellor Merkel have an agreement in principle, that Germany will bilaterally assist us in providing low-cost credit to what they describe as the 'real Irish economy'," Noonan said.

"[It's] not a European strategy. This is a bilateral arrangement that was offered by the German government."

Meanwhile, the government is to press ahead with a raft of reforms as Ireland prepares to exit the bailout.

The Irish Times reports today that the government will focus on two key areas of reform in the months ahead to show markets there is still an appetite for making tough decisions to assist in our recovery.

The immediate focus will be on the introduction of water charges in 2015 and on reform of the legal profession.