Michael Noonan has announced that he does not want to be considered for Cabinet by the next Fine Gael leader.

Minister Noonan - who has served as Finance Minister since March 2011 - says he believes it is a good time for a new minister to take over the portfolio.

In a statement, he said: "I will not be seeking re-election to Dail Éireann at the next general election. It has been a privilege to represent the people of Limerick since I was first elected in 1981".

He will continue in his ministerial role until a successor is appointed.

Before his current position, Noonan also served stretches as minister for health, justice, energy, and industry and commerce.

He has also been a chairman of the PAC, and was briefly leader of Fine Gael before Enda Kenny took over the role in 2002.

Following Minister Noonan's announcement, a number of politicians praised his time in office.

Speaking as he announced his leadership bid, Housing Minister Simon Coveney said Minister Noonan has been an "extraordinary leader" within government, and a "voice of calm and intelligent commentary".

He added: "I have a message of thanks for him. I think Michael Noonan has played probably the most significant role in rebuilding our economy from the very, very broken state that [he] found it in when he became Minister for Finance."

Fianna Fáil finance spokesperson Michael McGrath said: "There have been many occasions where Minister Noonan and I disagreed on policy, but throughout every one of those disagreements, I have no doubt that he was motivated by a desire to always act in the national interest.

“Despite being a formidable politician and parliamentarian, I developed considerable respect for him, and we, I believe, had a good working relationship."

A number of Labour TDs also paid tribute to their former cabinet colleague, with his fellow Limerick TD Jan O'Sullivan saying: “He has made a substantial contribution to Limerick, and as Minister I found him to be a constructive and supportive colleague in Cabinet."