Minister for Finance Michael Noonan has dismissed comments by a former IMF mission chief to Ireland that the Government had "blown" a chance to get a better deal on its bank debt four years ago.

Responding to remarks by Ashoka Mody that the Government should have pressed harder for a more favourable debt restructuring deal from the EU and IMF when it took office, Mr Noonan said they were in line with a series of statements he had made about Ireland in recent times.

He added:  "When he was [in Ireland] and was in a position to do something he didn't do much for us.  So his advice now that he's no longer in a position of influence we'll be taking lightly."

Mr Mody said in an interview with Newstalk this afternoon: “When this government came in it had a mandate." 

The Indian-born economist said the coalition should have secured a "superior deal".

 "That deal would have required a clear premise on some amount of debt restructuring," he added.

He also said the debt accumulated by the previous government was “odious debt” that arguably should not have to be repaid.

Instead, Ireland lost its opportunity and “perpetuated a culture that this current Greek government is trying to break”, Mr Mody added.