Minister for Jobs, Enterprise and Innovation Richard Bruton has said the Government has not ruled out a re-working of the Croke Park extension deal.

The proposals, aimed at saving €300 million from the public payroll, were overwhelmingly rejected by trade unions earlier this week.

Minister Bruton said that it is clear the savings have to be found from payroll.

"Nothing has been ruled out but there's €5 billion more to be found in savings,” he said. “A third of the costs are in pay and pensions so looking for €1 billion out of that five is fair."

"The rest of the five will be made up with additional tax burdens, reductions in services. We can't ask those who rely on public services to carry all of the can."

The minister said that Ireland's economy, as well as international confidence, has been rebuilt and progress in these areas has to continue.

Minister Bruton, who is chairing informal trade talks on the development of a new trade partnership between the US and the EU at Dublin Castle today, said it was important that Ireland took every opportunity to try to deliver a negotiating mandate.

He said if a comprehensive deal could be reached it could mean up to 4,000 additional jobs for Ireland and €800 million extra in GDP.