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Not all loans are guaranteed to be paid back. The interest rates the central banks offer require you to pay every single cent back. Defaults aren't permitted. Conventional banks take on the entire risk of default and they compensate for it by requiring collateral or higher interest rates.

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>Defaults aren't permitted.

So, what happens if a bank goes bankrupt?

If a bank is in danger of running out of money, then (in the US, where I work in banking) the federal regulators step in and take over the bank. They sell off assets to other banks and pay depositors their money (up to the EXTREMELY generous limits of FDIC insurance). The funds to pay for the losses come from an insurance system ("FDIC") that all banks pay into. (And in case of a widespread collapse of many banks at once, the federal government underwrites the FIDC insurance program.)

They get bailed out

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