The Finance Minister Michael Noonan has suggested he would like Ireland to make a clean break from the EU-IMF bailout.
Minister Noonan has a month to decide whether Ireland will apply for a precautionary loan to ease its way back into the markets.
He says he sees advantages to both a second bailout fund, and to making a clean break.
However, he said the recent cut to ECB interest rates should make the cost of borrowing for Ireland even lower than before.
He said: "There's a kind of a window now where things are calm internationally, calm in Europe, calm in Ireland.
"The interest rate reduction announced last week by the European Central Bank obviously reflects back in to interest rates in general.
"So, reflecting on that in due course I will advise the Government,