Politicians in Northern Ireland have reached an agreement on issues that had threatened the future of the devolved government.

The agreement, in 75 sections, covers a broad range of political, social and economic issues.

It sets out a plan for financial and welfare reform and also proposes a way forward on flags, identity, culture and tradition through the establishment of a commission.

The five parties there, along with the Irish and British governments, have been working together for the past 12 weeks.

The Foreign Affairs Minister Charlie Flanagan said: "Today's agreement...is well-timed, signalling brighter days ahead for Northern Ireland and positive news in the days before Christmas."

"It establishes a programme of institutional reform at Stormont and progresses a number of outstanding aspects of prior agreements."

"Very significantly, it establishes a new comprehensive framework for dealing with the corrosive legacy of the past."

"This framework includes an oral history archive, a dedicated Historical Investigations Unit which will investigate Troubles-related deaths and an independent commission on information retrieval to enable victims and survivors to seek and receive information about the death of their loved ones."

Mr Flanagan also thanked US Senator Gary Hart and the Secretary of State Theresa Villiers, adding that "The relationship between our two governments has been strengthened further over the last three months and I look forward to continuing to build on this partnership in the time ahead."

The North's First Minister Peter Robinson has said the agreement will secure the North's finances.