Read more: Fianna Fail set to lose by election says poll

A member of the Fianna Fáil national executive who has openly criticized Prime Minister Brian Cowen has unveiled plans to launch a website called “Fianna Fáil Nua”, aimed at revitalising the party.

Jerry Beades, a Dublin businessman said a meeting had already taken place attended by a “number of people” on September 29th.

Speaking about the current Government, Mr Beades said that “all credibility has been lost”.

“It’s reached the end of the road. The IMF are in town and it’s really time for Brian Cowen to go, and he should go tonight,” Mr Beades said.

“The whole Cabinet needs to go, but the problem we have is we’re in a financial crisis at the moment, [and] that cannot really happen,” the Fianna Fáil told RTÉ’s “Drivetime” radio programme on Wednesday.

“I’m listening to what people are saying and I would agree the electorate has lost all confidence. We could have a situation, if Brian Cowen was to resign, that the President wouldn’t dissolve the Dáil and she would call all the parties together to actually . . . get a budget over the line and, in the New Year, call an election.”

He added that no Government Minister was in attendance at the meeting on September last:“It was party activists that met and there was a proposal drawn up to set up a website and to go down the road, something similar to what Tony Blair did with New Labour in England,” he said.

The aim of the initiative was to “never again to allow the ministers take control of the party, as they have, and have taken it away from the grass roots”.

Mr Beades is a friend and associate of former Prime Minister Bertie Ahern.

In the past he has also been highly critical of the former Financial Regulator Patrick Neary.

Read more: Fianna Fail set to lose by election says poll