The Irish government is teetering on the brink of collapse today as three independent TDs threaten to vote against the finance bill.

Three independents – Mattie McGrath, Michael Lowry and Jackie Healy-Rae – are now holding the Brian Cowen and Brian Lenihan's dying government to ransom with a new "wish list" of amendments to the bill. Their approach has been criticised as more evidence of "the country's reputation for insanity".

They are unhappy with a number of issues including the decision to drop the 90 per cent tax on bankers' bonuses and tax reliefs on property.

The vote will take place at 12pm. If the bill doesn't go through, there will be an immediate dissolution of parliament.

Mattie McGrath told RTE's Morning Ireland he did not believe finance minister Brian Lenihan's claim that there wasn't enough time to push through the bank bonuses legislation, given the rushed timetable.

"If there is a will there is a way. He didn't have any problem getting rid of the minimum wage," said McGrath.

Greece looks stable by comparison

The fresh crisis is mind-boggling to those outside Ireland. As the Irish Independent said in its leader this morning: "It is quite an achievement to make Greece look like a haven of political stability."

McGrath revealed he had a meeting with Lenihan last night with another one this morning. Asked if he would vote for the finance bill McGrath said: "I am not sure, I am not getting the engagement yet, we will see what the morning brings."

12.15pm update: Finance minister Brian Lenihan has done a U-turn on the super-tax on bankers' bonuses.

He has also conceded to at least two others demands made by independent TDs who had threatened to collapse the Irish government.

It means the finance bill, that Europe desperately wants to see passed, will now be approved before the general election.

The super-tax on bankers' bonuses will be set at 90 per cent.