The Tanaiste, Ms Harney, and the Minister for Finance, Mr McCreevy, will not be investigated over their holiday last August in the French villa owned by businessman Mr Ulick McEvaddy.
The Public Offices Commission announced yesterday that it "would not be appropriate" under the Ethics in Public Office Act 1995 to consider complaints about the holiday.
However, the commission has concluded that the receipt of holiday accommodation by the two ministers was a "registrable interest" and would have to be declared by Mr McCreevy and Ms Harney when they return their declaration of interests before March 1st.
The Labour Party said last night that it was happy to accept the decision by the commission.
The ministers' "position has been proven wrong and questions about their political judgment confirmed," the spokesman said.