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

Press Release, 21-Apr-09.

NEWS FROM HERITABLE ADMINSTRATOR LEADS
LANDSBANKI GUERNSEY DEPOSITORS TO CONCLUDE:
QUARTER LOSS OF THEIR SAVINGS

The Landsbanki Guernsey Depositors’ Action Group (LGDAG) has concluded, based on news announced yesterday by Administrators for sister bank Heritable, that they face the loss of twenty-five percent of their savings.

The LGDAG is pleased to see Ernst & Young estimate recovery, but are cautious as E&Y recovery of eighty percent applies only to part of Landsbanki Guernsey savers’ money: in this case cash liquid funds in Heritable Bank of approximately GB£36 million.   An additional GB£52 million invested in Heritable Bank’s loan portfolio and GB£12 million in cash reserves in Iceland are still unaccounted for.  If recovery of these assets is at eighty percent, then actual reimbursements to savers will be considerably less. 

The Landsbanki Guernsey Administrator should re-present new Depositors’ Compensation Schemes and other bailout packages giving the States of Guernsey the opportunity to step in to depositors’ shoes and guarantee full recovery. 

The Treasury Select Committee has recommended that the States of Guernsey and UK Government work together to resolve the issues surrounding the collapse of Landsbanki Guernsey.  Now that a finite number has been identified, both Guernsey and HM Governments should pressurise Iceland to repay depositors and define how they will achieve this outcome at Government level. 

[ Click here for a PDF copy of the release ]