To what extent do regulators share responsibility for cross-border supervision of financial entities in situations where bailout funds come from the national treasury of particular countries; and who has responsibilities for overseas branches? Splitting responsibilities for providing liquidity is one aspect of the problem, since liquidity is intended to be temporary and will be repaid, but bailouts tend to be permanent and one-way.
This introduces the issue of the extent to which the manner in which subsidiary legislation is written should take precedence over the obligation for ensuring shared financial stability not only in the country of headquarters but in the country where branches are located. It might appear that some international protocol may be required to clarify the rights and obligations of the parties.