A chara, – I read with interest the report of what Lars Frisell had to say in Stockholm ("Bank guarantee a very costly mistake, says Central Bank adviser", May 19th). I admit to being somewhat confused, however. On the one hand he suggests that the guarantee was a "costly mistake" and yet he also says that a "more conservative" guarantee "might have failed to do the job".
I would love to know what he thinks should actually have been done. Considering that, even with the benefit of hindsight, he apparently does not know what option should have been taken, is it in any way surprising that the guarantee was put in place as it was? – Yours, etc,
STEPHEN
O’CALLAGHAN,
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Cork.