Donohoe informed Taoiseach that Michael Stone would make statement on postering controversy

Minister for Finance Paschal Donohoe.

The three Government leaders were alerted days in advance that the businessman at the centre of Minister Paschal Donohoe's postering controversy would make a statement.

Taoiseach Leo Varadkar has confirmed that he was told over the weekend that Michael Stone would be issuing a statement to clarify issues around the use of paid workers in 2016 and 2020 election postering.

In a statement issued on Tuesday morning, Mr Stone admitted that he had inadvertently provided false information around the 2020 election postering to Mr Donohoe, and apologised for the embarrassment caused to the Minister.

Mr Varadkar said: "I spoke to Paschal over the weekend, I can't remember whether it's Saturday or Sunday, he informed me that Michael Stone would make a statement explaining his role in this and that Paschal would then make a statement in the Dáil thereafter. So, I was aware of the sequence of events and what was going to happen at that point in time."

However, the Taoiseach said that he wasn't aware that Mr Stone would also announce his resignation from the Land Development Agency.

Speaking to reporters at the IFA annual general meeting the Taoiseach said he believes his Minister.

"I do believe what happened here is that a friend and supporter of his offered to put up some of his posters, he assumed that was happening on a voluntary basis because all the other posters were being put up on that basis."

Mr Varadkar added: "What he certainly hasn't done is broken any spending limits, and we shouldn't lose sight of the fact the reason why we have many of these laws in place is to make sure that we have a fair playing field and that people can't use huge amounts of money to win elections in the way they do in other countries."

Hitting out at Sinn Féin, he said donations taken by Mary Lou McDonald's party which are allowed north of the border would be "illegal" here.

He added: "If I wanted to do something like that, I'd set up an entity in Northern Ireland and do what they do, and we're not going to do that. I think it's wrong that they do this."

Mr Varadkar cautioned that declarations should be a "box ticking exercise" and that all politicians should be careful in filling them out.

He said he had reviewed his own declarations and is satisfied with them.

The Taoiseach said he hopes legislation to provide more powers to the Standards in Public Office will be enacted before the end of the year.

However, he said that there are already very high standards in this country.

"It may not seem like it sometimes but when it comes to ethics standards and public office, and when it comes to our legislation, Ireland is a world leader.