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

Press Release, 05-May-09.


The Landsbanki Depositors Action Group (LGDAG) has decided to postpone its planned demonstration in Guernsey due to the potential Swine Flu pandemic. Expatriate and UK depositors were to have joined Channel Island members for a peaceful demonstration in Guernsey in June.

Although to date there has been no ban on tourists visiting the island, and reports of worldwide current fatalities and infection rates are thought not to be as great as originally anticipated, the World Health Organisation warned yesterday that swine ‘flu may return ‘with a vengeance’ in the months ahead. The LGDAG has therefore unanimously decided to act in the best interests of the health of Guernsey residents.

Seven months on from the collapse of Landsbanki Guernsey, certain facts remain. Depositors in the bank are the only individuals in the Western World not to have received clear Government support. Furthermore, Chief Minister, Deputy Lyndon Trott, has twice declined an invitation to meet with depositors at their meeting. This contradicts his explicit statement, on BBC Radio Guernsey: "I would also be delighted Penny, assuming an invitation is forthcoming, to address the entire Landsbanki Action Group, rather than just a small group of their representatives." Having declined the first invitation, He then said he would wait for the findings of the Treasury Select Committee report.

It is now a month since that report was published which stated, ‘We [the TSC] acknowledge the severe distress of those UK citizens suffering due to the Icelandic banking failure, we can only recommend that the UK authorities work with the Isle of Man and Guernsey authorities to resolve these issues.’ Since then, The Chief Minister has remained uncharacteristically silent.

Expat depositor Emma Bergh-Apton, spokeswoman for LGDAG said, “The States of Guernsey has been heartless in its lack of support for Landsbanki Guernsey depositors. The LGDAG can only conclude that the States, given its demonstrable lack of fiscal acuity, has run out of funds for ongoing commitments. Guernsey is hoist on its own petard, given its position. It should step up now and show us what progress has been made in negotiations with the UK Treasury and Icelandic Government to recover 100% of our savings. Furthermore, it should defend itself against simply having been willing to take profits from the retail banking industry and run.”

Currently, depositors’ only hope is to await the soon to be published report by the joint Administrators as well as any news on further recovery over and above 30% of their savings.

[ Click here for a PDF copy of the release ]