The Taoiseach Brian Cowen will travel to Paris tomorrow for an emergency meeting of leaders from the 15-member euro zone.
The meeting is being held at the request of Spain, and leaders are expected to discuss plans to recapitalise banks and guarantee their debts.
According to French reports, the leaders may be asked to back a plan to invest taxpayers money in banks in order to recapitalise them, and guarantee their debts in the interbank money market.
This is similar to the plan announced by the British last week, and by the US Treasury Secretary Henry Paulson late yesterday.
It is believed Ireland would argue for any such scheme to be voluntary.
Germany's finance minster has said it is time to stop rescuing banks on a case by case basis, and move to a comprehensive solution to the credit crunch.
Ten days ago the Dutch had proposed a €300 billion bank capitalisation fund for the whole EU, but this was rejected by Germany and other states.
