EU and IMF officials arrived in Dublin today for negotiations.
"I think this is the way forward. Market conditions have not allowed us to go ahead without seeking the support of our international collaborators," Central Bank Governor Patrick Honohan said, according to The Irish Times.
The loan will likely carry an interest rate of about 5%, Honohan said.
As the cost of supporting the banks has risen, many have worried that it will push the state into default.
The government has previously insisted it would not seek a bailout package. Today, that message seemed to have changed.
Minister for Communications Eamon Ryan said the government "may need help" from Europe.
"I don't have a problem with that, and I don't have a problem recognizing the scale of the problem," Ryan said. "What we need to do is get the terms and conditions right."