The Finance Minister says now is a good time to make a clean break from the bailout. Michael Noonan says Ireland will take advantage of a relatively calm period in the Eurozone to get back into the markets without foreign help.

The EU Economics Commissioner Olli Rehn has described the Irish exit from the bailout without a backstop as "a good day for Ireland".

Speaking in Brussels this afternoon Minister Noonan said asking for further loans would only add more uncertainty to our exit.

The Cabinet made the decision at an extraordinary meeting this morning after it became apparent that any request for a back-stop would have to be made at the Eurogroup meeting of Finance Ministers this afternoon.

It means no extra austerity conditions from the Troika when we exit the bailout ion December 15th.

An Taoiseach Enda Kenny told the Dáil that this was the right decision at the right time for the country.

Tánaiste Eamon Gilmore says today is historic - but he is putting a hold on any celebrations.

The Fianna Fáil leader Micheál Martin - who was in the government that took us into the bailout three years ago - today insisted we should have taken the insurance policy of a 'backstop' and the conditions that would go with it.

Sinn Féin President Gerry Adams was taking credit for the government decision.

While Stephen Donnelly and Shane Ross gave their reaction for the Technical Group.