Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

It was a major blow to the process and serious questions need to be asked about the Commission's decision to allow it to happen. There is either a new model or there is not. If this were to happen in Ireland or Luxembourg next, there would be an expectation in the markets that rather than applying the new "suck it up, folks" model that is supposed to involve the bail-in of junior and senior creditors across the European Union, governments would use public funds to bail out the banks again, just as we did in Ireland in recent years, before European public funds would be drawn on.