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

Press Release, 30-Oct-08

[Editor's Note: The links and addresses in this release are now historical.  Please see the end of this article for further information.]


30th October, 2008 The Landsbanki Guernsey Depositors Action Group - established to secure the return of 100 per cent of depositors' money - today reacted to Chief Minister Lyndon Trott's Statement to the House at the October States Meeting.


"The GFSC has written to the Icelandic Prime Minister (13th October) regarding funds 'up streamed' to UK based sister bank Heritable (36 million), parent company Landsbanki Islands (12 million) as well as the 100% guarantee made by parent company Landsbanki Islands to cover all the liabilities of Landisbank Guernsey. While we are appreciative of these efforts - and those of the Chief Minister following-up October 22nd - and anticipate a reply from the Icelandic Government next week, we feel that further advances must be made quickly in light of current financing negotiations between Iceland, the IMF and the potential of UK loans" said Matthew Dorman on behalf of the Landsbanki Guernsey Depositors Action Group.

"We are currently discussing with our advisors the most effective route of recovery of our savings and look towards meeting with relevant authorities, namely the GFSC, The States of Guernsey and UK Treasury, to further outline our claims and objectives. We are resolute and unified in our fight to recover 100 percent of our deposits, in the shortest time frame possible."

Whilst Landsbanki Guernsey Depositors Action Group (LGDAG) welcomes the Chief Minister's statement as the first piece of tangible action on the part of the Guernsey Government and the GFSC in its efforts to recover the remaining 70% of depositors savings, the Action Group feels that considerable additional pressure needs to be brought on the relevant authorities to bring recovery of the missing money at an early resolution. LGDAG believes that the work that the UK is undertaking on behalf of the States of Guernsey in applying further pressure on the Icelandic Government should be further clarified.

Incorporates as Registered Association

The Landsbanki Guernsey Depositors Action Group (LGDAG) has also now established itself as a Registered Association at Companies House in London. The not-for-profit Assoc iation (which is formally 'limited by guarantee', and was incorporated as Landsbanki Guernsey (Action for Depositors) Limited) at the beginning of the week is registered with the UK authorities and as a more formal structure provides the ability to take all necessary action, whilst protecting the interests of the 2033 depositors, one third of which are local Guernsey residents, many of them pensioners facing the loss of their life savings.

The objects of the Association include lobbying, the support of legal action (as necessary) and the overriding objective of 100% of depositors savings returned in full.

Added Matthew Dorman: "We remain optimistic, but fear the worst". Angry depositors in Landsbanki Guernsey, currently stand to lose seventy per cent of their savings following the bank being placed into administration on 6th October, 2008.

A significant part of their funds are locked up in UK bank Heritable (another part of Landsbanki) as well in as the bank's parent company Landsbanki Island h.f. Depositor Daniel Herzberg, a British teacher living in Spain, started the website. An informal email action group established by a Bailiwick resident at followed thereafter.

The Landsbanki Guernsey Depositors Action Group is a united list of depositors, acting as one voice to be heard by the appropriate authorities in Guernsey, the United Kingdom and Iceland. The group will ensure that deposits are returned in full. The (Landsbanki Guernsey Depositors Action Group and its logo are not affiliated with Landsbanki Guernsey or parent company Landsbanki Islands.)

For further information and depositors' stories, please visit

For interviews and comment from LGDAG, please contact Neil Dickens on

[ Click here for a PDF copy of the release ]

[Editor's Note: The links and addresses in this release are now historical.  The LGDAG website is now at  Media contacts can be made via the Contacts page on the website.]