Professor Gregory Connor:

Yes, and they did not worry about it because they were correct in thinking that they had an implicit guarantee. Ireland is a euro country after all and they felt that if they put money into a eurozone bank, especially a well rated bank, it would be safe. That is what they felt and they were right. They were correct in that. Despite the money going into very risky investments by insolvent banks, most of their money was safe, except for some undated subordinated bonds which were a very risky, high-yield vehicle.