Eamon Gilmore (Dún Laoghaire, Labour) | Oireachtas source

At the start of the banking crisis this State took responsibility. The State gave the guarantee, took on the debts of the banks and placed those debts on the shoulders of the taxpayer. The ECB position throughout that period was that this was the way to go, that Ireland's banks' problems were problems for the Irish State and the Spanish banks' problems were problems for the Spanish state and so on. Its position was that if something went wrong with a country's banking system, that was that country's problem and it was on its own.

See this speech in context