This is, for example, one explanation why banks in the Baltics, where foreign ownership was high, did not see as high capital outflows as banks in the euro area periphery.10 The second channel for potential risk-sharing – private insurance against banking crises – was virtually non-existent in the euro area when the financial crisis struck.
And in doing that, national interests, and I argue that banks' interests as well, are aligned with the general objectives of the Banking Union. 4  BIS central bankers’ speeches