The terms of Ireland's financial rescue plan are to be negotiated over the coming days.
The Government agreed to make a formal request for a multi-billion euro loan package to the European Union and the International Monetary Fund.
The decision followed an emergency Cabinet meeting yesterday evening.
Eurozone finance ministers also held a teleconference to discuss the terms of the Irish request.
The Government's four-year Budget strategy is due to be published on Wednesday.
The €15bn adjustment will consist of €10bn of spending cuts and €5bn increases.
Taoiseach Brian Cowen said the Government made a request for funding to ensure the stability of the national finances, the Irish banking sector and the European single currency.
But Mr Cowen gave little detail on the terms of the arrangement, which will be subject to more detailed discussions in the next few weeks.
The Minster for Finance said the EU and IMF teams in Dublin will continue their work, focussing particularly on the state of the banks. This will form the basis for the final request.
Brian Lenihan said most of the money allocated to the banks would not be drawn down, but would form an emergency reserve designed to bring confidence to the markets.
Speaking on RTÉ's Morning Ireland, Mr Lenihan said that the outline of the four-year plan, has 'broadly satisfied' officials from the IMF and the EU.
Mr Lenihan also said the Croke Park deal may come under review in a year's time.
The Irish Bank Officials' Association has warned that thousands of jobs could go if the banking system is restructured under the terms of the IMF/EU deal.
IBOA general secretary Larry Broderick has called on the Government and the IMF to save as many jobs as possible.
In Brussels, sources indicated the likely Irish request would be in the region of €80bn to €90bn over a three-year period.
Governments in the Eurogroup formally welcomed the Irish request, as did the European Central Bank, which said financial assistance would come with strict policy conditionality attached.
IMF Managing Director Dominique Strauss-Kahn said that it stood ready to help Ireland.
Governor of the Central Bank Patrick Honohan said that the Government's announcement to apply for support set economic and financial policy on a secure path.
He added that the banking system retained the support of not only the Central Bank but of European institutions too.
Mr Cowen said last night that the rescue package would result in smaller banks.
New phase of existence - Noonan
Fine Gael Finance Spokesman Michael Noonan said Ireland is in a new phase of existence as a country.
Mr Noonan said the best advice now was to get on with it and get over it.
Speaking on RTÉ's Morning Ireland, Mr Noonan said he had heard there was a conflict of policy between the IMF and the European Central Bank on the way banks should be dealt with.
The Minister for Tourism, Culture and Sport last night acknowledged that public trust in the Government has been damaged.
Speaking on RTÉ's The Week in Politics, Mary Hanafin said she was sorry the public felt that the Government had withheld information or lied, but she said it was not the intention.
She said all government decisions were taken in the best interests of the country.
Labour Finance Spokesperson Joan Burton said the Taoiseach should explain why his Government required an EU/IMF rescue package.
Sinn Féin President Gerry Adams said: 'The Government should resign so that citizens can have their say in a General Election.'
As ministers were being driven away, they were met by more than 50 protestors some of whom shouted abuse and hit their cars with placards.
During a scuffle, one man received a leg injury; he was first treated at the scene and later taken to hospital by ambulance.
