The Taoiseach has revealed that the cow suspected of having BSE in County Louth was "bought in".
The Department of Agriculture identified the suspected case on a farm in Co Louth.
If confirmed, it would be the first case of Mad Cow Disease in Ireland since 2013.
It comes just weeks after Irish beef was allowed into markets such as China and the United States - the latter of which had banned Irish beef because of BSE.
Bord Bia is confident the suspected BSE case in Co Louth will not adversely impact Irish beef's reputation abroad.
In a statement this evening, the body says the discovery is "clear evidence that Ireland's rigorous animal health and food safety controls continue to operate effectively".
They say they will continue to monitor any reaction overseas, and remain in close contact with both exporters and customers through their international office network.
Taoiseach Enda Kenny says he's "disappointed to put it mildly", but that this is probably an isolated case:
Tests
Tests are still being carried out on the cow which was found dead on a farm, with results to be released in one week.
The Department of Agriculture says it is conducting a full investigation into all matters relating to this suspected case.
It centres on a five-year-old cow found dead on a dairy farm. The animal was not presented for slaughter and did not enter the food chain.
The Department of Agriculture says it has informed the European Commission.
The department adds that it will liaise with trading partners amid concern about what this could mean for the recently re-opened beef market in the United States, and talks about exports to other new markets.
The IFA says the Department will have to reassure the Chinese and American markets. However, in a statement IFA President Eddie Downey said, “this isolated case shows the effectiveness of the monitoring and control systems in place in Ireland.”
Agriculture Minister Simon Coveney told Newstalk Lunchtime the case is "likely to be confirmed".