Minister for Finance Michael Noonan has suggested the planned €2 billion adjustment required to achieve the Troika-agreed deficit target of three per cent in 2015 may not be necessary.

“I don’t think €2 billion is the relevant figure. The relevant figure is to get the deficit below three per cent of GDP,” he said.

“With the tax numbers which will be out this afternoon, and a couple of other things on the horizon, it might be possible to deliver a deficit of below three per cent without an adjustment of €2 billion.

“But it’s only early June so there’s a lot of things will move in the next three or four months. We’ll have a better idea as we come closer.”

Mr Noonan was speaking to reporters outside Government Buildings today.