When the previously global banks need support from their own central banks, the global strategy becomes local. They need to lend the money in the country of the central bank otherwise it does not make sense. This protectionism we start to see everywhere and it's pure logic.
What does this mean for your funding strategy? If you have centralized your funding to the treasury at HQ probably you will find yourself with fewer banks to borrow from. "Foreign" banks leave you to take care of the needs of their home country. This may create a lack of banks to borrow from and a too high concentration factor especially in many of the small countries in Europe.
A potential strategy I have started to discuss with treasurers is to decentralize the funding. For example if you have your HQ in a European country and large operations in the US, divide the funding between HQ and US. In this way you get access and can tap both regions for capital. We need to embrace the protectionism and make it work in our favor.
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