The new shape of the Department of Finance is becoming clearer. Two existing divisions will come under Minister for Public Expenditure and Reform, Brendan Howlin, and the other two divisions will be the responsibility of Finance Minister Michael Noonan.

Mr Noonan will have control of the Budget, taxes and economic policy. His area will cover the IMF/EU deal, banks and the National Asset Management Agency.

Mr Howlin will be responsible for public service management and transformation. His division will include pensions, pay and personnel and spending by Government departments.

There will be two distinct departments, each with its own secretary general, but both will remain in the same building.

The new division is modelled on the British system, where chief secretary Danny Alexander works alongside Chancellor of the Exchequer George Osborne.