Minister for Finance Michael Noonan has categorically ruled out seeking further bailout funds for Ireland.

Speaking to a group of Chartered Accountants in Limerick, Mr Noonan said we are currently on target and meeting our commitments under the EU-IMF bailout programme which runs to 2015.

He was reacting to comments made by Minister for Transport Leo Varadkar, who speculated that we may need a second package of loans next year.

He said that the targets under that programme are examined every quarter and Ireland has been given a clean bill of health.

If we continue to meet those targets, he said we will grow out of our present difficulties.

He mentioned that the Government may go back to the money markets 'in a tentative way' in 2012, depending on our progress under the programme this year.

They will be advised by the National Management Treasury agency on this, he added.

He said he did not believe the crisis in Greece would affect Ireland's position, but said that it may lead to a hardening of sentiment in the eurozone towards rescue packages.

He also reiterated his stand on Ireland's corporation tax, saying the 12.5% rate is sacrosanct and he has told the French Finance Minister they do not have a negotiating position on this.

He said a reduction in Ireland's interest rate is quite small - around €200m - and it was not worth it to us to trade that for a reduction in our corporation tax rate.

An Taoiseach Enda Kenny has also said there will be no need for any second IMF/ EU bailout for Ireland.

Speaking in Claremorris, Co Mayo, he said the country was meeting the conditions at the first review of the current bailout which is due to end in 2013 and the country had sufficient funds in all circumstances.

He said: ‘Let me say with absolute clarity there would be no need for a second bailout.’

He said it was never the Government’s intention to go back on a full scale basis to the markets before the end of 2012.

Minister for Enterprise, Trade and Innovation Richard Bruton has said Ireland will return to the international markets for funding in the second half of next year.

Speaking to a group of European correspondents in Brussels Mr Bruton said comments by Leo Varadkar, on Ireland possibly not being able to return to the markets, were ‘taken out of context,’

Mr Bruton said funding was available under the EU-IMF programme until the end of 2013 so there was ‘no absolute need’ to return to the markets before then.

There was also ‘headroom’ available since only €24bn of the €35bn allocated for bank recapitalisation would be needed, and of that €24bn an element would come from the contribution of junior bondholders at AIB and Anglo Irish Bank.

Mr Bruton said the NTMA would advise on the best timing to return to the market, suggesting that the return would be gradual and there would be no need for a ‘massive requirement’.

Funding concerns

The EU is working on a second bailout package for Greece in a race to release vital loans next month and avert the risk of the euro zone country defaulting, say officials.

Short term borrowing costs amongst peripheral eurozone countries - including Ireland - have risen on concerns over funding of the country.

Greece's conservative opposition meanwhile demanded lower taxes as a condition for reaching a political consensus with the Socialist government on further austerity measures, which Brussels says is needed to secure any further assistance.

Moves to plug a looming funding gap for 2012 and 2013 were accelerated after the International Monetary Fund said last week it would withhold the next tranche of aid due on 29 June unless the EU guarantees to meet Athens' funding needs for next year.

Senior EU officials held unannounced emergency talks with the Greek government over the weekend, an EU source said.

Greece took a €110bn rescue package from the EU and IMF last May but has since fallen short of its deficit reduction commitments, raising the risk of a default on its €327bn debt - equivalent to 150% of its economic output.