'Effectively, the Tanaiste has decided it is not worth improving the export credit insurance options for Irish exporters on the basis that it covers only a small level of exports and is primarily one sector - the agri-food sector, and in one market mainly - the UK market", said IEA chief executive John Whelan.

In doing so the minister has ignored the reality that the indigenous sector is the one heavily reliant on export credit insurance, he said. While accounting for just E14.3 billion or under 10pc of total exports, it is responsible for half the jobs tied up in the sector.

In Ireland's case, 43pc of all indigenous exports go to Britain, two thirds of which are in agri-food.

As a result of this "lack of vision" by the Tanaiste and her officials many indigenous businesses will lose more exports and more jobs, the IEA warned in a statement.

It has taken the Tanaiste and her officials 12 months to reach this conclusion and in effect it has "put the E6bn worth of indigenous exports to the UK at high risk," said Mr Whelan.