So we know that the new deal to pay for the Anglo Irish Bank debt is illegal as well. but here are the details about how the ECB will try to bend its own rules to absorb the Anglo Irish Bank debt. Yes it's complicated and illegal as well but they like it because its not as transparent and obvious breach of the rules as the promissory notes
Here it goes: Ireland will via its central bank push the Anglo Irish Bank debt to other European central banks that have "free capacity" like the German Bundesbank. Now we know why Weidmann didn't like that little Anglo Irish package they shoved up his ar$e.
To avoid breaching the ECB rules, the [Irish] Central Bank will be allowed to borrow unused capacity from its counterparts in the 17-member currency union ... the extra capacity would be provided by the Eurosystem as a whole .. The procedure is permitted under the confidential Agreement on Net Financial Assets, or ANFA.