To avoid a €3.1 billion cash payout hitting the exchequer's balance sheet, the Government instead issued a 2025 bond to Irish Bank Resolution Corporation, the former Anglo Irish Bank that holds the promissory notes. A deal was reached that involved IBRC "repo-ing" the bond with Bank of Ireland in a swap for cash. IBRC would then use the cash to pay down the bank's emergency loans from the Central Bank, while Bank of Ireland would in turn "repo" the bond with the European Central Bank for cash.