The President Micheal D Higgins has suggested that the Government could improve public services, if it increased borrowing.

In an interview with the Irish Independent, the President criticised EU fiscal rules, which limit the amount governments can borrow.

At a time of historically low interest rates, suggested that the Government could borrow “cheap money” to invest in housing and education.

The President also said there was a “huge ethical question” about the activities of Vulture Funds in the housing market.

In a second interview, with the Irish Times, the President expressed concerns about the future of the European Union.

He said the EU was “ditching some of its better achievements” in the area of promoting social cohesion.

In both interviews, the President refused to be drawn on whether he would run for a second term.