13  For a discussion of these points, see Claessens and van Horen, “The Impact of the Global Financial Crisis on Banking Globalization.”  BIS central bankers’ speeches  9  the flexibility enjoyed by banks in shifting capital and liquidity around the globe was deployed in pursuit of unsustainable activity that eventually ran badly aground.
Third, as I suggested earlier, even where concerns about “trapped” capital or liquidity are more sensibly based, reasonable ex ante constraints by host country authorities in pursuit of a sound and stable domestic financial system are likely to be far preferable to ex post constraints – for example, ringfencing – that are imposed when the foreign bank is under the greatest pressure.