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

Press Release 26-Nov-08

For immediate release – Channel Islands Only - Wednesday 26 November

Landsbanki Guernsey Depositors Call For More Government Protection

The Landsbanki Guernsey Depositors Action Group (LGDAG) welcomes the Pre-Budget Reports' commitment to review British offshore financial centres. The present lack of protection and transparency has led to thousands of depositors losing their savings, following the collapse of Landsbanki Guernsey.

The LGDAG, however, strongly reject the Chancellor’s assertion yesterday that savers in Landsbanki Guernsey were merely attracted by lower taxes. Many savers in Landsbanki Guernsey are Guernsey residents or British nationals living abroad who have found it virtually impossible to open a bank account with a UK high street bank. They are not millionaire tax-evaders and instead deposited with a Guernsey high street bank.

Depositors in Landsbanki Guernsey are seeking an urgent meeting with HM Treasury to discuss the UK’s role in representing their case as well as gain clarification on the steps being taken to secure the return of depositors' savings. The UK Government has a constitutional obligation to represent Guernsey diplomatically and in the absence of any direct communication from the Treasury, LGDAG believe not enough is being done to ensure the full return of their monies.

Earlier this week, the LGDAG met with the Chief Minister of Guernsey, Lyndon Trott. The Group were reassured by information they were given, that proactive measures have been taken by the Guernsey Government in seeking a resolution to this devastating situation. There are still real concerns, however, about the lack of progress in securing the full return of depositors’ savings, which is the group's overriding objective. Last week, members of LGDAG met with the Icelandic Ambassador in London and a number of MPs in Westminster to explain their distress and to seek support for their campaign.

Matthew Dorman, spokesman for the LGDAG, said:

“Alistair Darling is scoring cheap, political points by characterising depositors in Landsbanki Guernsey as tax-dodging millionaires. This is simply not the case. These people have been left with no protection following the collapse of Landsbanki Guernsey. It is vital that the UK Government meet its constitutional obligation and encourage the Icelandic Government to guarantee the savings of depositors in Landsbanki Guernsey.

The UK Government has thus far declined to meet with depositors. "We would simply like to meet with the Treasury to find out what action is being taken and to find out what the prospects are for the safe return of our savings," Mr. Dorman added.


Notes to editors

• The LDAG 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.

• The Landsbanki Guernsey Depositors Action Group has been established to secure the return of 100 percent of depositors money, which was lost following Landsbanki Guernsey being taken in administration.

• Landsbanki Guernsey went into administration on 6 October 2008

• 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.

• For further information and depositors’ stories, please visit:

For interviews and comment from LGDAG, please contact Nick Carter at Mandate Communications on 020 3128 8109.

[ Click here for a PDF copy of the release ]