A meeting of EU Finance Ministers has concluded its second day with potentially encouraging signs for Ireland.

Finance Minister Michael Noonan described the ECOFIN gathering as very positive for Ireland, and he said he hoped that the ratings agency Moody's will soon improve Ireland credit rating.

The Moody's Investor Service currently values Irish bonds at junk status and has a negative outlook on the Irish economy.

But Minister Noonan said today that recent developments, including yesterday's decision to give Ireland more time to pay back its bailout loans, would change that.

However, a number of National Parliaments, including the German Bundestag will have to approve the plan before it is implemented.