Ailbhe Conneely has been following the Social Democrats:

One Social Democrats leader has questioned the Government’s stability message in the context of "tumbling global markets".

Stephen Donnelly has said the fall of global stocks are raising fears of a "new global recession" and he accused Fine Gael and Labour of auction politics.

He said both parties were justifying "recklessness on the grounds of a growing economy and unexpected tax returns".

He said the Government parties were lost in fiscal space.

"The reality is we are moving into a period of instability where Ireland's prosperity is endangered not just by global economic storms but financial hurricanes," he added.