Dublin is expected to unveil a four-year budget cutting plan next week, aiming to achieve fiscal consolidation of 6 billion euros (8.21 billion dollars) in 2011 as part of a strategy leading to a three-percent-of-GDP deficit by 2014.

The EU finance ministers said the aid program to Ireland will also include a fund for potential future capital needs of the Irish banking sector.

"By building on the measures already taken by Ireland to address stress in its banking sector, a comprehensive range of measures -- including deleveraging and restructuring of the banking sector -- will contribute to ensuring that the banking system performs its role in the functioning of the economy," the statement said.

After approval by the Irish government, the program will be endorsed by the EU finance ministers and the Eurogroup, in line with national procedures, on the basis of a Commission and ECB assessment.

Irish Prime Minister Brian Cowen said on Sunday that Ireland has formally made a request for financial assistance from the EU and the IMF, but the terms of the funding being sought would be the subject of negotiations.

A joint mission of the EU, the IMF and the ECB is currently in Dublin, to find out the real state of the Irish banking sector.
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