The Eurogroup has confirmed in a statement that Minister for Finance Paschal Donohoe is the only minister to have put forward his name for the post of Eurogroup President.

This means it is now almost certain that Mr Donohoe will be elected to another term in the role when the group meets on 5 December.

The new term starts on 13 January 2023 for a period of two-and-a-half years.

Mr Donohoe is the fourth president of the group, which is an informal body of finance ministers from euro area member states.

The politically prestigious position has been held by Mr Donohoe since 2020.

However, his expected switch to Minister for Public Expenditure next month had raised doubts about his chances of securing a second term given that he would no longer be an EU finance minister.

This was underpinned by Fianna Fáil's insistence that Michael McGrath, who is in line take over as Minister for Finance on 17 December, would be the Government representative at Eurogroup meeting.

Today's news means that both ministers will now be able to attend the group's meetings, which often play a crucial role in drawing up the EU's fiscal policies.

Minister McGrath will be the Government's representative, while Mr Donohoe will be the Eurogroup's independent chairperson.

The president of the Eurogroup is usually a sitting finance minister.

However, Luxembourg had two representatives while Jean-Claude Juncker was head of the influential group in the past.

Mr Donohoe formally submitted his candidacy earlier this week.

The minister said at the time that he had received a positive response from other EU countries, but added that he was not going to prejudge the outcome of the election.

"I was very pleased to issue my formal letter of intention to stand for election on 5 December," Mr Donohoe said.

"I am very grateful for the very positive support I have received so far both publicly and privately from a wide range of countries within the European Union."

"It wouldn't be appropriate for me at this point to pre-judge at all the outcome because the deadline for nominations is still a number of days away," he added.

Mr Donohoe wrote to his Eurogroup colleagues that it has been his "privilege to serve" as President of the Eurogroup since July 2020.

"Together we have achieved many successes; nonetheless, challenges remain and new ones are evolving," he wrote.

Mr Donohoe said his first priority if re-elected would be to strengthen the coordination of action and national policies to ensure they do not add to inflationary pressures.

He said he was also committed to "further strengthening our Banking Union" and tabling further work for discussion on the "Digital Euro".

Mr Donohoe said the war in Ukraine reminds member states of the importance of the "core values that unite us".

"As we tackle the many challenges that lie in front of us, we cannot forget that there is war on our borders; however high the economic cost to us, the price Ukraine's citizens are paying is with their lives," he said.

Speaking in Paris, Taoiseach Micheál Martin said Mr Donohoe has been a "very effective chair of the Eurogroup and is "very, very well respected across Europe".

He said that the arrangement to allow Mr Donohoe to return as chair was a "sensible approach".

Additional reporting by Mícheál Lehane, Tommy Meskill