European finance ministers are meeting in Brussels, with the issue of a possible bail-out of the Irish Republic still top of the agenda.
EU finance commissioner Ollie Rehn said on Tuesday plans were being made for a potential rescue programme, should the Irish government ask for help.
As he arrived for the meeting, Mr Rehn said the EU was engaged in "effective" consultation with the Irish government.
British Chancellor George Osborne said the UK was "ready to support Ireland".
There have been reports that the UK is considering offering billions of pounds of direct loans to the Irish Republic.
But a spokesman for the UK Treasury said: "There has been no application from Ireland and we are not speculating on the situation."
At the same time, concerns have been raised about the eurozone's bail-out of Greece after Austria said Greece had not fulfilled its obligations under the EU-backed aid package. Austria has yet to submit its December contribution to the bail-out.
This followed the release of figures on Monday showing that Greece's budget deficit was worse than previously thought.
'Strong interconnection'
When asked if the UK should assist the Irish Republic, EU commissioner Mr Rehn said: "That is under discussion and it is natural because the United Kingdom and UK banks have a very significant exposure in Ireland.
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