info.LandsbankiAction.org.gg   30-Mar-2016: Liquidators' Update, see Deloitte site

Broke and scared

My wife and I had all our savings in Cheshire Guernsey Building Society. The money came from twenty-eight years of teaching abroad as well as the proceeds from the sale of our first house and a small inheritance left to my wife by her father. This was to be the basis of our retirement fund. We paid into it as often as we could over the course of our careers.

In September 2006 we got a letter saying that Landsbanki had taken over Cheshhire Guernsey and that:

'For your comfort and security, Landsbanki has given an undertaking to honour all the obligations of Landsbanki Guernsey.'

This reassured us. In March of this year (2008) we read in The Week that Landsbanki was shaky. We arranged accounts to move our money into the HSBC. We went to the Landsbanki office in Hong Kong to arrange the withdrawal of our funds. The staff there reassured us, telling us that Landsbanki had recently been voted Bank of the Year, they told us that the Icelandic government guaranteed our money. They even called LG in Guernsey and an official of the bank repeated their reassurances. We believed them. Our funds were enough for us to live on in retirement 30% of them is clearly not. We were not and are not speculators.

We told Landsbanki of our return to the UK and asked them to square the tax situation. After we returned to the UK on July 14th, we wrote to the UK tax authourities and advised them of our return.

Now it seems our own government has stolen our money in the sense that it is using funds from Landsbanki Guernsey to pay off other unfortunate savers. The attitude seems to be that most of the LG savers are foreigners but even if they are, why should honest people be put through this awful period of uncertainty and worry over their hard -earned savings?

No-one should be put through this. We have not even received an assurance that our claims will be dealt with fairly all we hear are people saying that it is someone else's job or responsibility. All of these people made money out of us in tax or dividends on our savings. Now they disown us.