Nordea decided not to wait for the outcome of the political debate.
So Sweden cannot provide a credible fiscal backstop to Nordea.
The Swedish government has proposed tax increases and extra regulation for its large banks.
Will this vote of confidence encourage Sweden and Denmark to join the banking union?
Nordea has announced that its headquarters will move from Stockholm to Helsinki.
This is not just a flight from increasing taxes and tighter regulation in its current home, Sweden.
Nordea is also moving inside the banking union to find a fiscal backstop large enough to see it through any future crisis.
With the upcoming Brexit, outs will be even more isolated in the European Union.
The outs might thus feel a stronger urge to join the major banking system of the banking union.
Also the United Kingdom and Switzerland, with potential fiscal costs above the hurdle rate of 8% of GDP, have adopted policies to downsize their banking system.