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

About Us

Who are we?
We are a disparate - indeed, desperate - group of people brought together by a common misfortune. Many of us are British, a good number living in the UK or Guernsey, with the rest being Brits living abroad, non-Brits living in the UK, and non-Brits living elsewhere. We are of all ages and professions and the majority of us are normal working folk earning normal salaries. Some of us are retired and are on average pensions. The only thing we all have in common is that we put some, or in some cases, all of our life savings into Landsbanki Guernsey, and those are now at risk.

See Our Stories for personal testimonies and By Numbers for some statistics about us.

Why did we put our savings into Landsbanki Guernsey?
Actually, a good number of us didn't. We put them into the Guernsey branch of the Cheshire Building Society, which was taken over by Landsbanki in August 2006. We put our savings into an offshore bank for a variety of reasons. Some did so to get a slightly better rate of interest, and some because they were working abroad at the time, and it's impossible to open a UK-based savings account if you are not currently resident.

Aren't we just a bunch of rich tax-dodgers? No! Most of us are very far from being millionaires! And we are not tax-dodgers! EU residents saving in offshore banks have tax on the interest taken directly from the account (just as in the UK) at a rate of 20% (just as in the UK). This is known as the EU Withholding Tax, a misnomer as none of it goes to the EU; the majority is remitted to the Treasury of the country of residence of the saver. I.e. for UK residents, to the UK Treasury.