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

We were advised to save for the future

John and Jane are Landsbanki depositors from St. Peter Port, and this is their story;

Neither John nor Jane came from wealthy backgrounds; their parents were ordinary Guernsey folk who instilled a strong work ethic in their children. 

“My Mum always told me that if I did not have the money for something I could not have it. She always said if I wanted something I would have to work hard and save up for it,” said Jane. Those wise words have stayed with me over the years, and the only loan I have ever had has been the mortgage.”

 “We have also passed this down to our children and they are quite happy with second hand rather than take out loans, they are also saving for deposits for their homes.” John agreed, “Everything else we have, we have worked hard for and saved up for.”

When the children came along John and Jane decided they had better start saving for possible university fees and think ahead for weddings too! So that is what they did – both holding down more than one job to meet the demands of a growing family and to ensure they were not a financial burden to anyone else. Luckily John and Jane had the help and support of loving parents of their own to lend a hand with child care.

“We are very grateful to them,” said Jane.

It was a slow process, but saving a bit here and there, they were able to feather their nest.

“We were always taught to be prudent savers, to look after the pennies and make our money work for us.” They first invested in Northern Rock only to find the Bank was in trouble, their money was pulled out of Northern Rock with charges made against early Bond removal.

They then put their savings with Landsbanki. It was thought to be safe, reliable and the interest rate was good. “We are not big corporate investors, we are a hard working couple, childhood sweethearts who fell in love, got married, raised a family and worked hard. Our savings are not a lot, but they mean a lot to us – and now they have gone.” Said John.

“We both felt physically sick when we heard the news, especially as our children have both recently got engaged to be married” said Jane. “We are gutted, we thought our hard earned money would be safe in a Guernsey bank,” said John “We, and all the other depositors, have been so badly let down. We are ordinary people faced with an extraordinary problem, when all we were doing was trying to make our future a little more comfortable.”

“Our politicians keep saying save for you future” said John, so they have and are trying to build a nest egg so as no to burden the state in later life.

Jane added, “It is so upsetting to have people write to the Press accusing us of being greedy or money grabbing, we are looking for the best returns with what we thought was minimal risk. We would have invested on the stock market if we wanted to risk everything. Comments like those are callous and hurt people who are already hurting, some of whom are desperately worried about their future”.