Ireland is to make a clean break from its three-year international bailout programme next month without seeking precautionary funding, it has been confirmed.
The decision not to seek a special overdraft facility was finalised at an emergency cabinet meeting ahead of finance minister Michael Noonan flying to a summit in Brussels.
Ireland's prime minister Enda Kenny confirmed that his country will leave the bailout, overseen by the European Union and the International Monetary Fund since 2010, on December 15.
"This is the right decision for Ireland," Mr Kenny said.
Mr Kenny added: "We will exit the bailout in a strong position. The government has been preparing for a return to normal market trading.
"We will set out a path to a brighter economic future for our people, a path from mass unemployment to full employment from involuntary emigration to the return of thousands of people who have to leave for other countries to find work.
"Today is just the latest step in that ongoing journey, a significant step indeed but also just another step towards our ultimate job of getting Ireland working again."
The department of finance said the government's assessment was that leaving the €85bn (£71bn) bailout without a so-called backstop of credit was the best option.
It said market and sovereign conditions are favourable towards Ireland.
The country has built up more than €20bn (£17bn) in cash reserves since returning to the international money markets last year.
It said this can be used to keep Ireland in the black until early 2015.
It also said the latest budget, announced last month, had been designed to deliver a primary balance or small surplus.
"Domestic and international economic conditions are improving, monetary policy decisions are conducive to exit and confidence and sentiment towards Ireland has improved considerably in recent months," the department said.
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