Lars Frisell, advisor to the Governor of the Central Bank of Ireland, gave an address entitled 'Resolution of the Irish banking crisis: Hard-earned lessons for Europe' to the Financial Safety Net Conference in Sweden. His speech focused on the blanket guarantee provided by the Irish Government in September 2008 and the fall-out from that decision. He highlighted that, while the Irish economy grew by 5% in 2014, on average one in every 7 mortgages over primary dwellings is in arrears. He stated that, although the introduction of the Bank Recovery and Resolution Directive in January 2015 came too late for Ireland, lessons must be taken from the Irish example and the Directive must be adhered to by Europe.