The Finance Minister says the Budget adjustment will be "somewhat less" than the €2 billion originally planned.

Michael Noonan's comments come as the Exchequer figures for July show tax take is up on last year and ahead of target.

Tax revenue of more than €22.37 billion has been collected since the start of the year.

End July Exchequer Returns published http://t.co/2wm44Rq1cT

— Dept of Finance IRL (@IRLDeptFinance) August 5, 2014

Overall public spending is down, but the Department of Health is running 4% over budget, which is offset by an underspend in Social Protection.

The deficit stands at just over €5.1 billion, which is almost €800 million better than projected last Budget day.

Our News Correspondent Fergal O'Brien reports: