The International Monetary Fund (IMF) called Ireland 'out of the blue' in the middle of 2010, to ask if it was interested in arranging a preliminary bailout.
But the idea was immediately ruled out by the Department of Finance which had no interest in the plan.
The call from Ashoka Mody of the IMF has been revealed by the Central Bank governor Patrick Honohan - who is giving evidence at the Banking Inquiry.
He says the IMF had a history of giving so-called "precautionary credit lines" to countries which were well-run.
Mr Honohan earlier said he was concerned initially that the Troika bailout deal was not a good one.
He said it was clear to him by November 4th 2010 that a programme application could no longer be deferred - though the then-Finance Minister Brian Lenihan did not begin negotiations for another week.
Mr Honohan said he was not convinced about the deal done, but no better offer was available.
Watch LIVE coverage of the inquiry below:
