Paul,
I got a bank guarantee for my carnet in 2001 (from the Farnham branch of NatWest, just down the road from you). It cost £75 and was no hassle once I'd found someone who knew who to talk to within the bank. Why they issue guarantees I don't know, but I guess they work on the assumption that you're going to return to the UK at some point and if you default on the carnet they can pursue you then.
If you're a long standing customer with a good credit record they must make a calculated guess that you'll pay it back if you have to.
As far as I was concerned it was far preferable to putting a large amount of cash down as security because I needed it to fund my travelling.
I'd be interested to hear what your bank manager says.....
Harvey
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no pipe, no slippers
www.chasingthesun.org
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