The Executive met on Thursday for the first time in five months.

Finance Minister Nigel Dodds briefed ministerial colleagues that a £500 million package has been secured from Prime Minister Gordon Brown to help alleviate cost-of-living pressures on Ulster households.

The Executive will use £400m of the money to again defer the water tax and the other £100m will go towards addressing a range of other funding issues.

After nearly four hours around the Executive table at Stormont Castle, ministers emerged with a sense of urgency to announce:

n the £500 million Brown deal – and plans for further discussions with Downing Street on local budget needs;

n the Executive is to devise a major Province-wide plan to tackle the credit crunch;

n water charges planned for 2009-10 will be deferred – saving every home around £160;

n the PPS14 planning restrictions in rural areas will be eased in a new PPS21 paper;

n a single Education and Skills Authority for local third-level teaching has been approved;

n the plan to introduce free prescription charges has been ratified;

n the Assembly is to be asked to delay its Christmas break to also address the economic situation.

Ministers had around 25 papers in front of them for discussion and consideration.

Some were so-called "tick-and-turn" documents which simply needed full Executive approval. Others were of a more detailed nature.

The media was invited in to see the Executive get back to work in a business-like manner.

Afterwards, First Minister Peter Robinson and Deputy First Minister Martin McGuinness were keen to emphasise they were going to quickly make up for lost time.

Mr Robinson said: "This is the first discussion of a series we will be involved in on credit crunch and related issues. There will be further meetings each week, as we go forward."

Mr McGuinness spoke of having to "accelerate" the number of meetings.

"It is important that these institutions work in the interests of the people that we represent," he said.

"Ourselves and the DUP, the UUP and the SDLP are all absolutely dedicated and committed.

"I don't have any doubt whatsoever about Peter Robinson as First Minister.