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

Landsbanki in liquidation

Landsbanki Guernsey has been placed into liquidation by the Royal Court.

The bank has been in administration for more than two years since the collapse of its parent in Iceland during the global financial crisis. Savers have so far received 67.5p for every pound they had in their accounts.

The Joint Administrators, Richard Garrard and Lee Manning, were appointed to recoup as much money as possible from the bank's assets. Now they believe that process has reached an end, and so the court has appointed them liquidators to wind the bank up. The Joint Liquidators plan to make a further payment to depositors of up to 7.5p in the pound. There could then be a final payment to savers of an unknown amount once the process of winding up Landsbanki Guernsey is complete.

The Guernsey Financial Services Commission is requesting the surrender of Landsbanki Guernsey's banking licence because it no longer has sufficient assets to be licensed.

Savers have campaigned for Guernsey's States to make up any shortfall in the repayments to them but have so far been unsuccessful, despite arguing that Guernsey should have protected their assets. The island introduced a depositors compensation scheme following the Landsbanki Guernsey affair. 08-Dec-10.