We insured banks against present and future liquidity shortfalls. You know that the flow of credit is primarily channelled through banks in the euro area. A complete breakdown in the funding relationships that constitute the inter-bank market for liquidity would have derailed the bank lending channel altogether. The interruption of the bank lending channel would have turned the financial crisis into a profound depression.
It follows that shocks to the non-bank financial sector could increase the credit risks and/or the funding costs of the euro area banking system.