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

Press Release, 05-Aug-09.


The Landsbanki Guernsey Depositors Action Group last night upped their fight for the remaining 45% of their savings: this on the news received yesterday, from the Joint Administrators, that savers can expect the return of a further 25 percent of their money within weeks. 
Local depositors welcomed the news of a further partial return of their money from the Administrators. For some individuals the money will be a lifeline, as they’re in dire straits having lost their pension income. 
Further optimism has come from the Chief Minister’s announcement that he is making a State visit to Iceland and with the explicit aim of making a greater recovery than the 89 pence he has said is the best they could expect. For local depositors who are badly affected by the collapse of a Guernsey bank, many fear it will be less.
Joint Administrators Deloittes stated, “The Joint Administrators anticipate making a further substantial payment in late 2009 / early 2010, however the exact timing and quantum of this payment will depend on further recoveries from the Bank’s loan portfolio and distributions from Heritable Bank. The ultimate recovery for creditors is still anticipated to be in the region of between 70 to 80 pence in the pound but the Joint Administrators are more confident that the final outcome will be at the higher end of this range.”
Said spokesperson for the LGDAG Neil Dickens, “We are grateful for the work the Joint Administrators have undertaken so far, as well as work undertaken by court- appointed members of the Independent Creditors’ Committee. The past ten months have been brutal for many local savers in the bank. Local depositors have vowed not to stop fighting until Guernsey people are treated the same way as savers on the mainland.”