Officials in the country are also now looking towards Russia for a bailout loan after rejecting a Troika proposal that would have taxed savings in bank accounts.

Cypriot Finance Minister Michael Sarris, who's in Moscow for meetings with his Russian counterpart Anton Siluanov, says no agreement has been reached after a preliminary meeting.

Moscow would have an interest in ensuring the financial survival of Cyprus and its banks because the island is a haven for billions of euro belonging to businesses and individuals.

Here the Agriculture Minister's told the Dáil he's crystal clear there will never be any similar banking tax here.

"Let me give an absolute guarantee on behalf of the Government that under no circumstances will this Government look to introduce a Cypriot style levy on deposits for any purposes in terms of raising money and I have spoken to the Finance Minister about this and I am clear as crystal that we will not be targeting bank deposits for any purposes" Simon Coveney said.

And Minister Coveney who was taking leaders questions for the Government insisted there's no flight of cash from Irish people's bank accounts: