The tourism body stated at the end of last year that it had a €12.8m (£11.5m) marketing budget to target more visitors from Britain.
It launched an advertising campaign in January this year under the “Go where Ireland takes you banner” with a strong focus on price led messages.
The Irish economy is under strain and the government has just had to give more state support to the Anglo Irish Bank.
However, a spokeswoman for Tourism Ireland said that the body’s budget had actually been increased this year to €15m (£13.1m).
She adds: “Under the lifetime of the new advertising contract, which could be up to seven years in length, Tourism Ireland is certainly open to developing a new strapline and the tender documents are written in such a way as to allow for that possibility.
Tourism Ireland’s lead advertising agency is currently JWT.