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

Guernsey Financial Services Commission being disingenuous?

Right up to days before Landsbanki Guernsey collapsed in October 2008 the Guernsey Financial Services Commission had been reassuring concerned Landsbanki Guernsey savers enquiring by telephone that they need not fear for their savings because a 100% Parental Guarantee was in place. Indeed the Parental Guarantee had long been Guernsey's primary marketing tool to attract retail deposits to bolster its finance centre. Now that Landsbanki's Winding Up Board in Reykjavik has made abundantly clear that it is refusing to recognise any sort of guarantee, the GFSC appears to have changed its tune: it is telling enquirers that a Parental Guarantee was never a requirement and that - even if one were in place - it would not be legally binding. The question that springs to mind is: could savers be forgiven for thinking that the GFSC is being disingenuous? . . .

Now they are informing depositors who have lost life's savings that they should have read this obscure and very technical Consultation Paper and, by implication, should have moved their savings elsewhere. It was their own fault. Is the GFSC being disingenuous? What do you think?  12-Mar-10.