Macroprudential capital buffers are designed to make banking systems safer. This column shows that, at the bank–firm level, they do. But multinational firms respond: when a host country raises its countercyclical capital buffer, parent companies in Germany step in and fully replace the lost funding through internal loans. Parents refinance this support by borrowing more at home — raising their own leverage and default risk. Under full reciprocity in banking regulation, the internal capital market of the multinational group reallocates both funding and risk back to the parent’s home jurisdiction. The buffer does not fail; it travels.