Minister for Finance Michael Noonan has said Ireland has limited room to ease Budget cuts of €2 billion to be outlined later this year.

He was speaking at the launch of the National Asset Management Agency's annual report today.

Mr Noonan said that while tax and employment data pointed to a brighter fiscal outlook, he would have limited leeway in October's final austerity Budget.

"We'll have a better idea as the summer goes by of what the quantum of adjustment necessary is, but these things are governed by the new fiscal rules in Europe, so there isn't that much domestic discretion regardless of what the political pressures are to vary from the targets," Mr Noonan said.

Meanwhile, NAMA has reported profits after impairment, tax and dividends of €211m for last year.

The agency's operating profit before impairment in 2013 was €1.2 billion, a 45% increase on 2012.