I suspect the Bank will pay the bailout selling shares. That is how it was work out in the USA. The increase in the shares issues to billions was that creditors (government and others) were paid in shares since the bank was effectively bankrupt.
The objective is to raise the share price, so the government starts selling its shares and recuperating its bailout money. Then, as the finances get better (which are related to Irish real state), the banks starts buying back shares to reduce supply, thus further increasing share price. It will take years. However, a recent interview with the Irish Prime Minister, it was hinted that next year Ireland will go to ECB to do something about banks. But i am not clear what is the plan there.