Minister for Finance Michael Noonan has said there is a process in place which may lead to an overall reduction in Ireland's debt.
Mr Noonan said he could not say for sure what it would produce, but that negotiations were ongoing with Ireland's international partners.
The Minister said he would prefer if a reduction of between €15-€20bn could be achieved before Ireland goes back to the bond markets.
Earlier, as he arrived at a European conference in Dublin city centre, Mr Noonan also said that now is a fortunate time for Ireland to be in a bailout programme as it shelters the country from the turmoil on the financial markets.
The Greek crisis has raised questions for Ireland and Europe and Mr Noonan said the situation there reminded him of the political turmoil in Ireland late last year.
He said Ireland was like "the people sheltering in a storm" because it was in a bailout programme and did not need to borrow money on the bond markets.
While the political situation in Greece was difficult, Mr Noonan said elections were a normal part of democracy.
"I do not expect the current crisis will impact on Ireland's plan to return to the markets in 2013."
Mr Noonan also said he is very pleased with the ECB's decision to cut its main interest rate by 0.25 percentage points to 1.25%.
He said he expected it would be one of a series of three and the European economy could do with a 0.75% cut.
The minister said the banks should pass it on and noted that Financial Regulator Matthew Elderfield has said he will intervene if Irish banks do not pass on rate cuts.
