info.LandsbankiAction.org.gg   30-Mar-2016: Liquidators' Update, see Deloitte site

Press Release, 28-Jul-09

FINDINGS UNDER FREEDOM OF INFORMATION ACT REVEAL FULL EXTENT OF STATES OF GUERNSEY AND MINISTRY OF JUSTICE’S FAILURE TOREPRESENT SAVERS IN LANDSBANKI GUERNSEY

In its continued fight for 100% return of depositors’ savings, the Landsbanki Guernsey Depositors’ Action Group (LGDAG) has secured correspondence under the Freedom of Information Act which reveals how the States of Guernsey government has failed to react to the continued inaction of the Ministry of Justice (MoJ), which is constitutionally responsible for representing Guernsey in international affairs, to assist in the recovery of savings of Landsbanki Guernsey depositors.

Correspondence received reveals that no meetings took place between The States of Guernsey and the Ministry of Justice between September of last year and March this year regarding Landsbanki Guernsey and further confirms that no meetings have taken place between the Ministry of Justice and HM Treasury, regarding Landsbanki Guernsey.

FINDINGS UNDER FREEDOM OF INFORMATION ACT REVEAL FULL EXTENT OF STATES OF GUERNSEY AND MINISTRY OF JUSTICE’S FAILURE TOREPRESENT SAVERS IN LANDSBANKI GUERNSEY

In its continued fight for 100% return of depositors’ savings, the Landsbanki Guernsey Depositors’ Action Group (LGDAG) has secured correspondence under the Freedom of Information Act which reveals how the States of Guernsey government has failed to react to the continued inaction of the Ministry of Justice (MoJ), which is constitutionally responsible for representing Guernsey in international affairs, to assist in the recovery of savings of Landsbanki Guernsey depositors.

Correspondence received reveals that no meetings took place between The States of Guernsey and the Ministry of Justice between September of last year and March this year regarding Landsbanki Guernsey and further confirms that no meetings have taken place between the Ministry of Justice and HM Treasury, regarding Landsbanki Guernsey.

The response received from the MoJ to LGDAG, although redacted, calls into question the assertions of the Chief Minister to have been “working tirelessly behind the scenes”.

The findings further contradict evidence secured by Sir Alan Beith, head of the Justice Committee when, as representative for the Ministry of Justice, Lord Bach, in December of last year gave comment at the Crown Dependencies evidence session stating that responsibility had been deferred to the UK Treasury: this even though the UK Treasury is responsible for the UK purse.

Spokesperson Matthew Dorman said, “This underpins how we’ve been caught in a game of cat and mouse for the past ten months. Meetings that the Action Group had with the Chief Minister and Ros Hewitt, MoJ Islands’ branch representative, now appear a complete waste of time. We will be pushing for meetings in London with the relevant heads of department but we are also disappointed with the Chief Minister’s apparent inaction over the last 10 months.’

As depositors become increasingly frustrated by the clear lack of government action, news from the Isle of Man Government (IOM) has only angered them further. In particular, comments from IOM Treasury Minister, Allan Bell, have exacerbated the situation in which Landsbanki Guernsey depositors find themselves. Mr. Bell wasquoted as saying, “If the Isle of Man stood by and did nothing that would be irresponsible”. He added that the Government of the Isle of Man had a ’sincere desire’ to help depositors and that, ‘We understand the personal tragedies the collapse has caused. We have done our utmost.’ The IOM government has committed £193 million of public funds to support depositors in failed bank Kaupthing; the cost to the States of Guernsey would be significantly less than this, and could be less than £10M according to interpretation of the latest Administrators’ report to creditors. In stark contrast, instead of acting in a similarly responsible and mature manner The States of Guernsey claims to support its depositors while providing no information updates, no fiscal support and apparently minimal Government action, with the resultant absence of any tangible progress after ten months of misery for depositors.

[ Click here for a PDF copy of the release ]