#OLYMPICS - Yesterday Ireland's Olympic hopefuls celebrated recognition of their success in the 2012 round of funding.

But cuts to the budget of the Irish Sports Council (ISC) have prompted a "major" review of high performance programmes from 2013 onwards, the Irish Independent reports.

Finbarr Kirwan, director of high performance at the ISC, said: "Changes are coming, things are tight and we will have to make strategic cuts in the next two years."

The result could be fewer grant awards of lesser value for athletes, as Olympic qualification standards are set to get tougher from here on out.

The two tiers below 'podium class' - in which individuals receive awards of €20,000 and €12,000 respectively - are expected to be hardest hit in the review.

As previously reported on Afloat.ie, canoeing's Eoin Rheinisch, swimmer Grainne Murphy and sailors Annalise Murphy, Peter O'Leary and David Burrows each received the top level of funding of €40,000 each, which is on a par with last year's support.

The Irish Independent has more on the story HERE.