FG are seriously missing the plot here.
If FG want to change the culture so that those funding the banks are aware that they will never be bailed out again, then the banks simply won't be able to fund themselves.
The reason depositors and senior bondholders are being protected is not because we owe some duty of care to them but that as soon as we default on them or let it be known that the future possibility of such a default is very real then we undermine the whole model.