Barry Gardiner said the overspends must be resolved

Mr Gardiner has demanded swift action over the escalating crisis in funding within the Belfast and South Eastern boards.

In August, it emerged that the two boards had a combined overspend estimated at about �11m.

Speaking on Tuesday, Mr Gardiner told the chief executives of both boards that they bore personal responsibility for monitoring spending.

Mr Gardiner instructed the boards to find out why they overspent by millions and how they could cut costs.

It is their responsibility to set out clearly how they intend to live within their budget Barry Gardiner Education minister

The minister said he was unhappy with their progress so far and he expected them to produce plans without further delay.

In a hard-hitting statement, he said the board members should be fully aware of the finances and should act quickly to remedy failings and administrative weaknesses.

He said: "The boards have tough choices to make. I know that. But it is their responsibility to set out clearly how they intend to live within their budget.

"That means stating their priorities carefully. Only then, can I begin to work with them to minimise the adverse impact such cuts may have on children in the classroom."

The boards are both due to hold full meetings on Thursday at their headquarters.

Cost-cutting measures by both boards have already been put in place, such as not replacing staff who leave, cancelling in-service training for teachers and banning all maintenance except in the case of emergencies.

However, the South Eastern Board has said no more cuts are possible without the education of pupils being harmed.