Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

I did. I am explaining the decision now. Those banks were bust and the consequence of the guarantee was to protect the savings of Irish people and Irish businesses. In countries where a different course of action was followed, such as Iceland and Cyprus, it was not just the bondholders who lost their money. Savers did also. That is what would have happened here.

See this speech in context