The head of the European Stability Mechanism says Ireland's unlikely to receive retro-active re-capitalisation of our banks, using the ESM.

The government has been lobbying to be able to use the ESM to directly recapitalise AIB and Bank of Ireland, following assurances that the Eurozone had committed to cutting the link between sovereign and bank debt.

But head of the ESM, Klaus Regling, says the government is unlikely to be successful:

It comes as Ireland is praised by senior leaders in Europe for the successful exiting of its 3 year bailout.

The Irish state delivered its final report to the eurogroup of Finance Ministers yesterday.

Commissioner for Monetary Affairs Olli Rehn was one of those commending the rollout of the programme: