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According to Willie O'Dea, Ireland's defence minister, the cabinet is "on standby" to approve the plan.
Mr O'Dea added that Irish taxpayers would get a "very good return" from the recapitalisation scheme, reports the Irish Times.
Yesterday, the government said it would not be hurried into restoring credit flows by removing bad debts from Irish bank balance sheets.
Allied Irish Bank and the Bank of Ireland have also agreed to defer issuing repossession orders as a result of the state aid package.
The banks warned, however, that investors would view any further delays to repossession proceedings for those with significant mortgage arrears negatively.
