The Government had already exited the EU support required during the difficult years since taking office, Minister for Public Expenditure Brendan Howlin said.

“The simple yardstick is whether we have achieved the 4.8 per cent deficit target set for this year through the expenditure ceilings and controls that I implemented,” he said.

“The answer is that not only have we achieved the 4.8 per cent target, but we have greatly exceeded it.”

Mr Howlin said when the Government took office, the deficit in 2010, “left by the shambles of the previous administration”, was a “Zimbabwe- like” 30 per cent of GDP, which was unprecedented in the State’s economic history.

“The deficit after four years of the Government’s prudent management of expenditure by my department, will be 2.7 per cent next year,” he said.

Supplementary estimates

Fianna Fáil spokesman Seán Fleming said the 2014 supplementary estimate of €1.2 billion was the biggest of its kind in the history of the State.

It was nearly matched by the supplementary estimate of €1.1 billion in 2012.

“The two biggest supplementary estimates since the foundation of the State have been presented since the Department of Public Expenditure was established,’’ he said.

Mr Fleming claimed the Minister and his department had done damage to the estimates process. In the past four years, they had failed to perform their basic function of presenting a proper book of estimates and to live within them.

“In hindsight, given his record and that of his department, it might have been a mistake to split the Department of Finance in two,” he said.

Mr Howlin said the last time an integrated department was presided over by Mr Fleming’s party, the deficit was so crippling that Ireland could not borrow a “bob” anywhere and had to call in the IMF.

“That is the record the deputy is now applauding,’’ he said. “It is a joke.’’