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

Landsbanki Guernsey depositors call attention to comments in UK Justice Committee report

Members of a group of depositors who were caught up in the collapse of Guernsey's Landsbanki branch in 2008 are calling attention to comments in a recent UK Justice Committee report that they say proves their claims the situation was badly handled.

The report “shows the government of Guernsey in a very bad light insofar as its actions – or rather, inactions – in managing [Guernsey Landsbanki’s] failure in 2008,”  said Mark Ashbey, a depositor and also a member of the Landsbank Guernsey Depositors Action Group, which represents 1,600 British depositors, many of them pensioners, who had an estimated £120m on deposit in the Guernsey-regulated bank when it failed. . . .

Among the Justice Committee's recommendations were that the Ministry of Justice "consider alternative models for the representation of the interests of the Crown Dependencies internationally."

"It is imperative that a means is found by which the islands are represented effectively, and we strongly recommend that certain officials, either from the UK or from the islands, be specifically designated as representing the islands in international negoations," the report notes.  International Adviser website - o8-Apr-10.