Taoiseach Enda Kenny has said former European Central Bank president Jean-Claude Trichet is willing to engage with the banking inquiry, so long as the practical and legal modalities can be worked out.
Mr Kenny said he had spoken to Mr Trichet by phone and officials confirmed the Taoiseach had also received a letter from the former ECB president.
Mr Kenny made his comments at the World Economic Forum in the Swiss ski resort of Davos today.
"I spoke to him myself, we had a long conversation, and I was surprised at his willingness to be able to provide information and evidence to the Irish people," the Taoiseach said.
The Taoiseach said that "hundreds of thousands" of Irish people had suffered and were still suffering from the effects of the "catastrophe" that had hit the Irish economy after the property and banking collapse.
He said the Irish people deserved to hear from the ECB.
Mr Kenny said he received a letter from Mr Trichet on 19 December, the day after the EU summit in Brussels, at which the Taoiseach spoke on the margins with current ECB President Mario Draghi.
According to Mr Kenny, the ECB is willing to find a way around the legal obstacles that hinder the Frankfurt-based institution from addressing the banking inquiry directly.
Under ECB rules, the president of the bank is responsible not to national parliaments, but to the European Parliament in Brussels.
Mr Kenny told reporters he had communicated his correspondence with Mr Draghi and Mr Trichet to the chairman of the inquiry, Labour TD Ciaran Lynch.
It was now up to Mr Lynch to work out the modalities, he said.
While declining to say which options he would favour, the Taoiseach said that the idea of Mr Trichet appearing before Irish MEPs at the European Parliament would not be a suitable option.
"The banking inquiry have particular responsibilities in the way they can ask questions and the nature of the questions they would ask," he said.
"So while the ECB is responsible to the European Parliament, there's a willingness by Mr Trichet to find a way of being able to explain to Ireland the ECB's side of the story."
Kenny: No intention of lifting cap on bankers pay
Mr Kenny also said that in the light of the departure of AIB Chief Executive David Duffy to National Australia Bank the Government had no intention of lifting the cap on bankers' pay.
"The Government will always act in the interests of the Irish taxpayer," he said.
"David Duffy did a first class job on the salary scale he was given.
"There were a number of objectives that he had to achieve and he achieved those, and the Government has absolutely no intention of changing the capping level."
Mr Kenny welcomed the ECB announcement of a massive sovereign bond-buying programme.
He said: "Anything that will help price stability at a European level is good for Ireland. It's good for jobs. It's good for what we offer in terms of the hospitality sector.
"I would hope this would lead to lower interest rates for business and for consumers, and that means a potential for jobs."
The Taoiseach also said that, having met "between 15 and 20" chief executives of multinational firms at Davos, there was no sign of any reluctance to invest in Ireland, following the ending of the Double Irish tax arrangement, and the ongoing investigation into Apple's tax arrangements with Ireland by the European Commission.
"The change is that Ireland is not afraid to be out front. We will play hard and we will compete hard, but fair to win in terms of jobs and investment," he said.
"The fact that we have got rid of the Double Irish and the stateless concept ... means that they know that Ireland is a leader and that we have nothing to hide. That's to our benefit.
"The level of integrity and trust in respect of Ireland doing its business is very strong with investors into the country.
"They are talking among themselves in a very positive way about Ireland, about investing there and about expanding there."
Mr Kenny is expected to leave Davos this afternoon.
