Collateral was not required for the loans to banks, neither intraday nor overnight. The banking system was free to obtain unlimited liquidity by drawing on its accounts with the central bank. The bank guarantee meant that the solvency of the Riksbank was not at risk.
Unfortunately, oil and minerals can also impede development, as demonstrated by the experience of many developing countries which are rich in resources. Natural resource revenues are often very volatile because of the inherent volatility of global prices and sometimes because production volumes may also be erratic, and this volatility can be transmitted to the macroeconomy, creating a cycle of resource led booms and slumps.