The ECB president has said the existing terms of the contract of the Anglo Irish Bank promissory notes would not be changed.
However, Mario Draghi said the ECB had taken certain steps and was continuing to reflect on the issue with "a forthcoming attitude."
Mr Draghi was speaking before the European Parliament's Economic Affairs Committee.
He also warned of challenges to the economy and said that the restructuring of the banking sector needed to be complete.
He was responding to a question by Fine Gael MEP Gay Mitchell .
"Will the ECB do anything to the existing terms of the contract? The answer is no. The existing terms of the contract are the terms of the contract. We have undertaken certain steps, we will continue to reflect on this issue with a forthcoming attitude. At the present time we have the terms of the contract,'' Mr Draghi said.
The ECB chief said that the Ireland had shown a "strong commitment" to uphold the bail-out programme and everything the Irish government had done so far was to put the fiscal policy on a sustainable path and to continue financial sector reform.
However, he said that "challenges" remained and that the restructuring of the banking sector needed to be completed.
"Bank balance sheets need to be strengthened and Ireland needs to regain market access," he said.
Meanwhile, the president of the European Commission, Jose Manuel Barroso, said the EU budget for next year should be increased by 6.8% in order to meet existing commitments on EU projects.
He said that not to fund existing commitments was contrary to European law, and would starve countries and firms of vital investment.
The announcement is likely to trigger bitter negotiations, with a number of countries that the EU needed to rein in spending in the same way as governments were doing.
ECB head says demand for credit remains weak
ECB head Mario Draghi said commercial bank lending to companies is likely to remain subdued "for some time" because of a slow euro zone economy.
Draghi said the ECB put money in the hands of banks through its €1 trillion ($1.32 trillion) loans to the financial system in December and February.
But the money is not making it to the wider economy because slow growth means businesses are reluctant to borrow too much when the euro zone is slowing.
"We can not replace the lack of demand," he said before the European Parliament's committee on economic and monetary affairs.Draghi said the ECB's own bank lending survey indicated that restraints on the supply of loans "have decreased considerably" but that "we see demand still very, very weak for credit."
The massive loans supplied banks with plentiful cash, many of them small banks that loan to the small and medium sized companies that provide most euro zone jobs. That means "central bank lending has come very close to the real economy."
But the money will not reach businesses and consumers until they see a reason to ask for it. Draghi declined to say if the bank would make more cheap long-term loans to banks. He said "We never precommit."
Draghi calls for a plan to boost growth
The ECB said that a plan to boost growth in the euro area was necessary, as it expressed disappointment that its own crisis measures were not having as rapid an effect as first hoped.
"What is most present in my mind is to have a 'growth compact', ECB chief Mario Draghi told the European Parliament's Economic and Monetary Affairs Committee at a regular hearing here.
"This was anticipated by the 'six pack'," Draghi said, referring to EU policies to foster growth in the 27-nation block. "We now need to go back and have a 'growth compact'."
