The Dail is to sit tonight to pass emergency legislation as part of a new deal on Irish bank debt.

A Bill will be introduced to liquidate the former Anglo Irish Bank as part of an agreement with the European Central Bank (ECB).

It is understood a new long term government bond would then be drawn up to be paid over a period of up to 40 years.

The government hopes the deal will mean substantially lower repayments on Irish bank debt during that period.

But Pearse Doherty of Sinn Fein says the government risks repeating the mistakes of the past by rushing legislation through the Dail tonight.