The Government has told the Troika that agreeing a deal on the promissory notes used to finance the IBRC and restructuring Permanent TSB would reduce the need for a second bailout.

In the latest review of the IMF/EU bailout programme, the Government said that meeting these objectives would strengthen confidence and be a driving force to Ireland's economic recovery.

It said it has met its commitments under the programme's seventh review in terms of policy reforms, as well as funding targets.

The Government said it has agreed on a detailed plan for the transfer of water service provision to Irish Water, and made provisions for an increase in staff at the Competition Authority.

It said it has assessed the scope for reform of welfare payments.

The Government wants to raise at least €1.25bn in revenue from a broadening of the tax base, a value-based property tax, a restructuring of motor tax, a cut in general tax expenditures and an increase in excise duties.

It said restructuring Permanent TSB and agreeing a deal on the promissory notes would ensure that market access is back in a durable manner and would avert ''the need to continue to rely on official financial support''.