Fine Gael MEP Seán Kelly has said it now appears to be a question of when - not if - the European Central Bank will release the letter sent to former finance minister Brian Lenihan on the eve of the Irish bailout.
Mr Kelly said the ECB confirmed that at a meeting on November 6, the Governing Council will decide on the release of the letter.
He said the publication will lead to transparency and a "clear and comprehensive picture".
Mr Kelly said that if it transpires that former ECB president Jean-Claude Triche put inappropriate pressure on Ireland, the European Court of Justice would be an appropriate place to pursue the matter.
Earlier this year, the ECB declined to publish the letter following a request from European Ombudsman Emily O'Reilly.
Ms O'Reilly said today she was glad that the ECB seemed to be in the process of giving access to the letter.
"I already criticised the Governing Council of the ECB in March 2014 for having wasted an opportunity for transparency by not releasing the letter," Ms O’Reilly said.
"Following an inspection of the letter, I concluded that the ECB had been right to refuse access to the document at the time of the request for access.
"However, as more than three years have passed since the letter was sent, I proposed that the ECB now disclose the letter in order to underline its commitment to transparency
"At the time, the ECB justified its refusal to disclose the letter by the need to protect Ireland's financial stability. According to the ECB, the letter was sent in the context of significant market pressure and extreme uncertainty as to the prospects for the Irish economy.
"I hope that the ECB will now quickly come to a decision to release the letter, given that Ireland's economic and financial situation has substantially changed in the meantime.”
