30-Mar-2016: Liquidators' Update, see Deloitte site

Press Release, 29-Jul-09.


Local Landsbanki savers have today received a copy of an Order-in-Council dated 8th July 2009. The Order dismisses out of hand the petition of dozens of Channel Islanders from all four islands, who using their ancient privileges appealed to the Crown for help.

The local savers had pleaded for support in the wake of the bank’s collapse as a result of the Icelandic banking crisis. By issuing the Order, the Crown has rejected depositors’ pleas for help.

A local spokesman for the Landsbanki Depositors’ Action group said, “Deputy Trott stated on several occasions that the problems leading to the collapse of Landsbanki were external in nature. We considered his analysis to have merit. Accordingly we exercised our ancient right to petition, asking the Crown to protect us against the identified external threat.”

“We are very disappointed that here in Guernsey, British Citizens are being treated differently to those on the mainland. The Prime Minister promised on many occasions that no ordinary British retail saver would lose money as a result of what happened in Iceland. We called on him to honour his promise but he has broken it.”

In addition to the 100% support given to mainland savers, Twynwald (The Isle of Man Parliament) has supported their savers to the tune of approximately £193 million to facilitate early payments under its retrospectively increased Depositors’ Compensation Scheme. Landsbanki savers are now considering various options regarding their future course of action.

[ Click here for a PDF copy of the release ]