EU finance ministers have agreed to examine the possibility of extending the maturities, or pay-pack time, for part of Ireland's bailout loan.
The decision was taken by the 27 ministers at a meeting in Brussels this morning.
It follows a similar decision by eurozone finance ministers last night.
Today's decision relates to loans secured from the EFSM, whereas the earlier decision related to money from the EFSF.
Finance Minister Michael Noonan, who chaired today's meeting, said many of these loans had a short maturities and the aim of Ireland and Portugal was to replace them with longer ones.
Officials will now look at a plan, in coordination with the European Commission, and report back in March.
European Commission Vice President Olli Rehn said that he supported the deal in principle, adding that he hoped they would now find an appropriate political and technical solution.
The Government hopes to conclude similar deals with other lenders.
The most urgent will be to secure an arrangement with the European Central Bank over promissory notes.
Earlier, Minister Noonan the financial markets would welcome a deal to extend the maturities on part of Ireland's bailout loans.
Speaking before this morning's meeting, he said the deal "has the potential to enhance the sustainability of Irish debt and, over time, cost us less in servicing the debt".
While he declined to put a figure on those savings, he said: "The savings on the debt servicing will make the debt position more sustainable and increase the willingness of the markets to lend to us at low interest rates."
Asked if the markets might consider such a move a partial default, Mr Noonan said: "There's no default in this, we will pay for this down to the last euro.
"Lengthening maturities would be seen as normal practice by the markets. I have no doubt at all that, if we succeed in getting this, the markets will welcome this."
Elsewhere, Tánaiste and Minister for Foreign Affairs Eamon Gilmore welcomed last night's agreement.
Speaking on his way into Cabinet this morning, Mr Gilmore said: "This was something that is important in terms of reducing the cost of borrowing for Ireland from the EFSF and the EFSM."
The Tánaiste said that it was one of a number of measures that Ireland is seeking to conclude to reduce the debt burden on the Irish taxpayer.
Mr Gilmore said that the Government was at a "critical stage" of discussions with the European Central Bank on the Anglo Irish Bank promissory note.
"Time is running out for on the period we have to conclude those discussions," he said.
Minister of State at the Department of Finance Brian Hayes said that the broad consensus of support at EU level to examine a deal to extend maturities on part of Ireland's bailout loans is "potentially very significant" in terms of Ireland's return to the markets.
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