Northern Ireland's five political parties have brokered a historic deal after 11 weeks of tough negotiations.

The First Minister Peter Robinson made the announcement after talks ran past the deadline this morning (23 December).

The proposals include an Independent Commission on Information Retrieval to help those affected by The Troubles obtain information.

Robinson also revealed the UK government had agreed to give Stormont £2bn ($3.1bn, €2.5bn) to address the devolved government's funding shortfall.

In addition, the first minister said the proposals would see Westminster devolve some of its corporation tax powers to the Northern Ireland Assembly.

"It has been an exhausting period, particularly exhausting over the last 30 hours of continuous discussion. But I believe the work that we have carried out has been productive," Robinson said.

He explained the document had "a significant section" on dealing with financial matters in Northern Ireland.

"First of all, it has a package from Her Majesty the Queen's government. That package, I believe, gives flexibility to the Assembly to deal with, first of all, with the 15/16 Budget in a way that will allow the Finance Minister to put some money back into Departments and ease the pressure," Robinson said.

"Just as important, it provides him, long-term, with additional funding to help, particularly, as there is a squeeze on public spending across the UK."

Restructuring and reform programme

The First Minister said the document also deals with a restructuring and reform programme for Northern Ireland.

"That restructuring programme would be the most ambitions that any government or executive has set about in Northern Ireland," Robinson explained.

First Minister Peter Robinson
First Minister of Northern Ireland Peter Robinson announced the historic deal Dan Kitwood/Getty Images

"It would considerably go towards rebalancing our economy in Northern Ireland, by driving down the public sector.

"But that is only worth doing if we can also at the same time build up the private sector."

The leader of the Democratic Unionist Party (DUP) said the package from Downing Street gives Stormont £700m to deal with the restructuring process so the devolved government can conduct its normal budgetary requirements.

Robinson also said the devolution of corporation tax powers from Whitehall could create up to 60,000 jobs in Northern Ireland in up to seven years' time.

"It has the potential of bringing 50,000 to 60,000 jobs to Northern Ireland in the next five to seven years. It is a power that has been sought by a very long period of time by many of us. But perhaps most of all by the business community," he said.

"It will broaden our appeal to a wider business audience and that proposal to devolve those powers to Northern Ireland is contained in the government document."

Welfare reform

Robinson said welfare reform was the "most outstanding" financial issues resolved by all of the five political parties during the talks at Stormont Castle.

"Perhaps the most outstanding financial issue that was resolved by all five parties during the process was that relating to welfare reform and it was done in a way that ensured that there will be no additional IT - structures required, which would have cost literally hundreds of millions of pounds," he said.

"But it is done by enhancing the GB system and, at the same time, doing so within the amount of money that was set aside by the Finance Minister in our 15/16 Budget of £70m – it will be well within that scope."

The UK Prime Minister David Cameron took to Twitter to share his delight that the parties had come to an agreement.

He wrote: "I am delighted that a workable agreement has been reached that can allow Northern Ireland to enjoy a brighter, more prosperous future."