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

Press Release 14-Nov-08

FOR IMMEDIATE RELEASE 14th November, 2008


The Landsbanki Guernsey Depositors Action Group (LGDAG) has confirmed that key representatives of the group’s Association will meet Chief Minister Trott in Guernsey on November 24th.

Over one hundred Guernsey depositors formally met for the first time in St. Peter's last night, with additional representatives from the Jersey and Alderney Action Groups. Neil Dickens, the Action Group's liaison between Guernsey and the Depositors Action Group at large, chaired the ninety-minute meeting.

The coalition of depositors has been seeking more information on the process and timeframe for securing the return of their savings and in particular, a meeting with the Chief Minister and the Guernsey government. The Group wishes to discuss proposed solutions to ensure depositors' savings are returned in full.

Spokesperson for the group, Neil Dickens commented,

"We are very pleased to be meeting with Deputy Trott. Now that the veil of silence has been broken by the Guernsey Government and Chief Minister Trott has responded to our request to meet, the group – with representations from Jersey and Alderney - has met as a unified group of Channel Islands depositors. Last night's meeting gave distressed islanders an opportunity to voice their opinions; furthermore the Action Group is now looking towards some straightforward answers to some very pressing questions".

The meeting with Chief Minister Trott is one of several that the Action Group is pursuing with key government officials in Guernsey, London and Iceland. Based on last night's meeting the short term objective is to ask Deputy Trott to update the Group on the recovery of £36 million of Landsbanki Guernsey money sent to UK based Heritable as well as £12 million of the bank’s money sent to Iceland. The Group expect that positive news on this would at least go some way to restoring greater confidence in local government as well as Guernsey as a place to invest. Furthermore, the group will be asking specifically what the Guernsey government is doing to assist recovery of our monies in its meetings and discussions with other governments. The meeting will also focus on the property loans Landsbanki Guernsey made to the UK. The group’s long term objective is via a loan or other financial mechanism to look towards Iceland and Guernsey to cover any shortfall in deposits; noting this to be 'down the line'.

At present the administrators of Landsbanki Guernsey have agreed to pay only 30p in the £1 to savers, the vast majority of which are pensioners and British citizens who face significant hardship and distress following the loss of their life savings. The Guernsey arm of the Landsbanki Guernsey Depositors Action Group plans to meet again, with formal representatives of the group elected last night. A number of volunteers offered their services and the group was resolute in expanding its membership and continuing to raise Association funds to fight its cause.

Notes to editors

1. The LGDAG 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. Landsbanki Guernsey (Action For Depositors) Ltd is a limited company registered at Companies House, set up to represent the interests of all 2,033 depositors, in the return of their deposits in full.

2. The LGDAG has been established to secure the return of 100 percent of depositors' money, which was lost following Landsbanki Guernsey being taken in administration.

3. Landsbanki Guernsey went into administration on 6 October 2008

4. The Administrators of the bank agreed to recompense 30p in the £1 and the 2,033 depositors of Landsbanki Guernsey therefore stand to lose over 70% of their savings.

5. £36m of Landsbanki Guernsey funds were locked up in the UK-based sister bank Heritable. £12m was also up streamed to the banks' parent company Landsbanki Islands.

6. The UK government began full repayment to the Icelandic managed internet bank Icesave on 4th November.

7. For further information and depositors’ stories, please visit:

For interviews and comment from LGDAG, please contact Katherine Morgan at Mandate Communications on 020 3128 8139.

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