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

All of my life savings were in the Bank

I am a 97 year-old depositor and I live alone in my own home, where I have lived for 53 years. I couldn’t believe what was happening when I read in the Guernsey Press that my bank, Landsbanki, had gone into administration, as I had always thought that Guernsey was a safe place to put your money. All of my life savings were in the Bank.

I am fortunate in that I am able to live independently, with a Zimmer frame to help me get around my home and a stair lift to get me upstairs. Additionally I am indebted to my neighbours and my friends, who provide me with superb support in a variety of ways.

I had saved carefully over the last 26 years to ensure I was financially secure and independent in the later years of my life. I opened my account with the Cheshire Building Society, which then became Landsbanki Bank.

Having followed all of the publicity about Landsbanki since the closure I now have a better understanding of what happens to our money, and I had no idea that banks borrowed from one another like they do and moved money away from Guernsey in such huge sums.

I’m pleased that Guernsey has brought in this scheme to protect depositors, but it’s like shutting the stable door after the horse has bolted: it’s no good for me as it is too late for Landsbanki depositors. Although I have faith in people that my money will be returned I worry greatly that it will not be returned in my lifetime. Some of my money was inherited from friends, and I would hate to think I had let them down in the way I invested their money, as they would surely have wanted me to benefit financially and also to have enjoyed the proceeds of their investment in me.

I know that a lot of work is being done by members of the Action Group on behalf of all of the Landsbanki depositors and I am grateful to them for their help in recovering all of this money, which I do believe will happen eventually.

The world has got to learn from all of this financial mess, we need to get back to people borrowing money that they can realistically pay back; far too many people have debt they have no hope of ever paying back.