ECB, swap the European sovereign bonds you acquired with QEs, for fresh bank equity in European private banks.
Bankers, having then to service the dividend aspirations of much more equity, could of course see their bonuses slightly constrained J
And I guess that adequately capitalizing banks, is of some interest not only of those sovereigns in the periphery J
What would happen to current market value of bank shares? We do not know, but perhaps their dramatically increased safety would more than compensate for their much lower allowed leverage, and prices could even go up. Who knows, perhaps even pension funds, widows and orphans could become buyers of European bank shares J
God make us daring!
Or do like Chile did!