Update 4.10pm

THE LABOUR PARTY has said that there is “no guarantee that talks will conclude today” over the possible formation of a coalition government with Fine Gael.

It appears that an RTE report this afternoon that talks are at an ‘advanced stage’ and that an agreement is close is premature with both parties moving to distance themselves from the story.

A spokesperson for the Labour party has told TheJournal.ie this afternoon that there is a lot of speculation at this stage.

The spokesperson added that there was “no guarantee talks will be concluded by today.”

They did not indicate whether talks would continue over the weekend but said they were well aware of the timetable.

A Fine Gael spokesperson told TheJournal.ie this afternoon that “there remain a number of issues to be sorted out.”

The establishment of a programme for government soon is seen as crucial ahead of Labour’s special delegate conference on Sunday.

Fine Gael do not need to put any decision to their parliamentary party and so are not working to any deadline aside from Wednesday’s first meeting of the 31st Dáil.

Party leaders Enda Kenny and Eamon Gilmore will have to have final approval on any programme for government.

A source added that the fact both leaders were out of the country on European business meant there was bound to be a delay.