int flag, void *cbdata)
 {
        struct string_list *list = (struct string_list *)cbdata;
-       string_list_insert(refname, list);
+       struct string_list_item *item = string_list_insert(refname, list);
+       item->util = (void *)sha1;
        return 0;
 }
 
 static int do_fetch(struct transport *transport,
                    struct refspec *refs, int ref_count)
 {
+       struct string_list existing_refs = { NULL, 0, 0, 0 };
+       struct string_list_item *peer_item = NULL;
        struct ref *ref_map;
        struct ref *rm;
        int autotags = (transport->remote->fetch_tags == 1);
+
+       for_each_ref(add_existing, &existing_refs);
+
        if (transport->remote->fetch_tags == 2 && tags != TAGS_UNSET)
                tags = TAGS_SET;
        if (transport->remote->fetch_tags == -1)
                check_not_current_branch(ref_map);
 
        for (rm = ref_map; rm; rm = rm->next) {
-               if (rm->peer_ref)
-                       read_ref(rm->peer_ref->name, rm->peer_ref->old_sha1);
+               if (rm->peer_ref) {
+                       peer_item = string_list_lookup(rm->peer_ref->name,
+                                                      &existing_refs);
+                       if (peer_item)
+                               hashcpy(rm->peer_ref->old_sha1,
+                                       peer_item->util);
+               }
        }
 
        if (tags == TAGS_DEFAULT && autotags)