The European Union Commissioner for Economic and Monetary Affairs Olli Rehn has said the talks due to get under way in Dublin tomorrow between the IMF, the European Central Bank, the European Commission and the Government, will focus on two main areas.
The first area is the fiscal position and the second is the banking sector and the need for restructuring.
Mr Rehn said the whole banking sector will be looked at to ascertain its real needs.
However, he would not be drawn on what ‘restructuring’ might involve, nor on the question of what conditions might be attached should a rescue package be required.
But Mr Rehn stressed that neither of the two EU rescue mechanisms, the European Financial Stability Mechanism or the European Financial Stability Facility, could be used to provide direct lending to the banking sector.
‘They can only do so through a country programme, but one with a special emphasis on strengthening the banking sector.’
He was speaking during a news conference following this morning's Ecofin meeting of all 27 EU finance ministers.
Belgian Finance Minister Didier Reynders, who was chairing the talks with all 27 EU finance ministers, said the difference between the Greek case and Ireland is that Europe is ready to act if a request is made from the Irish Government.
Earlier, Minister for Finance Brian Lenihan said Europe is determined to address the Irish debt crisis with Ireland.
Speaking on RTÉ's Morning Ireland, Mr Lenihan said there was determination by the Government to engage in a short and focused consultation with the European Commission, the ECB and the IMF.
He said the IMF was involved because it had more experience than the ECB in dealing with banks which have caused difficulties, and which are at the centre of the Irish debt problem.
Mr Lenihan arrived in Brussels yesterday evening for talks on Ireland's debt crisis with other EU finance ministers.
Mr Lenihan said the other EU governments had endorsed the Government's Budget plans and its approach to dealing with the banks.
The minister said it was only right that institutions that may get involved in providing funds for Ireland to tackle its banking and fiscal crisis should be able to establish the facts on the ground for themselves.
But he said Ireland had not applied for any funding and it was not certain that the country would seek funding from the EU and IMF in the wake of the joint mission.
Chairman of the Eurogroup Jean-Claude Juncker said the Irish Government has to make a definite decision on this in the coming days.
Klaus Regling, who heads the European Financial Stability Fund, said he had toured investors in Asia and the US and said he was confident he could raise money in a matter of days if a country applied for funding.
