The landmark tree came crashing down on Wednesday night as a result of the violent gusts associated with Storm Ellen.
The 175-year-old tree is now likely to be replaced with a new Monkey Puzzle tree, thanks to the kindness of St Michael’s Credit Union on the Skehard Road.
In a statement, the credit union said they are "engaging with the correct local bodies to have the tree replaced as soon as possible".
"Following the loss of the iconic Monkey Puzzle tree in our common bond on Jacob’s Island, Mahon, St Michael’s Credit Union are committed to help in replacing this landmark tree which was planted by William H. Crawford around 1845.
"The tree has been enjoyed by people locally since it was planted and has been a beautiful sight for people travelling by on the link.
"We’ve made the decision because we feel the tree was an important feature of our local community.
"St. Michael’s Credit Union is also 'rooted' in our local community and we continue to support it in any way we can," they said.
Meanwhile, there has been a number of calls for the wood from the original Monkey Puzzle tree to be used to create a sculpture and for that to be kept local.
Labour Local Area Rep Peter Horgan has said the fallen Monkey Puzzle tree must stay local if it is to be used for craftwork and should benefit the local amenities.
"I understand that the particular wood is highly sought after by woodworkers and crafter workers in this field.
"If it is to be used for that, which I hope it will, if salvaging the restoration is not an option, then it should stay local.
"Placing works in local schools, nursing homes and even on the walkway are all places to consider," he said.
Independent Councillor Kieran McCarthy said he has written to the Council Director of Operations, David Joyce, asking him to contact the owner of Jacob's Island and the tree and suggested that timber seat memorials or other appropriate memorials could be created from the fallen tree.
That way, "the important story of the tree can be retold to our generation and future generations", Mr McCarthy said.