Irish Finance Minister, Michael Noonan, said on Thursday that the bilateral agreement between Finland and Greece which involved the exchange of collateral for loans has been ruled out.

Noonan said to a financial parliamentary committee the collateral deal between Finland and Greece I understand that is off the table now. There are other arrangements being made to compensate.

The agreement announced last month has put Greece's second bailout at risk as it raised criticism from other euro area members who asked for similar treatment.

Next week, particularly on Tuesday, finance ministers of Germany, Netherlands and Finland will meet in Berlin to discuss the issue.