Swedbank's Role In Baltic Boom & Bust
That is true in one sense, namely that the central bank by providing cheap credit to private bankers and in various ways bailing out private bankers who run into trouble, should be considered ultimately responsible for whatever problems caused by these private bankers.
However, while basically true, it doesn't tell the whole story. The ultimate responsibility of central banks doesn't mean that these private bankers shouldn't receive some blame as well. As they take advantage of this set up from the central bank, they act as collaborators in their schemes. That is why one shouldn't feel sorry for them when they run into trouble as a result of that, much less bail them out.
Applying this to the popular subject of Swedbank and its troubles, it is worth noting that in this article in Swedish news paper Svenska Dagbladet, several economists which argue the case that irresponsible loose lending standards from Swedbank and other Swedish banks contributed to the unsustainable boom in these countries which have now turned into a bust. And while the Swedbank representative, Baltic division chief Erkii Raasuke, interviewed in the article is not surprisingly more reluctant than the independent economists interviewed to admit wrongdoing by his bank, he still admits that with hindsight, Swedbank did lend too much during the boom.
While the Baltic peg to the euro may have been a mistake as it forced them to adopt the too loose monetary policies pursued by the ECB at the time, irresponsible lending practices by Swedbank and other Swedish banks was clearly a very important factor as well.