IRELAND'S promissory notes deal was a good move for the country but it is too early to identify the changes it will make on the Budget, Finance Minister Michael Noonan said.

Mr Noonan said that there was still a long road to travel but there is at least €1bn less to do in terms of expenditure, cuts and tax increases.

"The €1bn is available to use between now and 2015. For 2014, we're only in February and there are so many variables that could occur between now and the end of the year, I'm not prepared to predict," he said.

Mr Noonan was in London to discuss with his UK counterpart, Chancellor George Osborne, the "successful" deal that Ireland struck earlier this month with the European Central Bank on the country's bank-related debts.

Mr Noonan added that the Government was confident of beating its budget deficit target this year and emerging from an EU/IMF bailout.