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

Other Sources

This page contains brief summaries of and links to media reports from the source Other Sources.

Ex-pat savers accuse Brown of 'stealing cash'

UK ex-pat savers are accusing Gordon Brown of "illegally taking cash" held in Guernsey and Isle of Man accounts after the collapse of Icelandic banks. myfinances website - 24-Oct-08.

Depositor protection to spark fresh HMRC investigations

Taxman to examine offshore savers returning to the UK seeking depositor protection.

HMRC is now stepping up its pursuit and is fully committed to commencing high-profile criminal prosecutions of taxpayers to act as a deterrent.

The government’s increased protection for depositors as a result of the credit crunch will lead to more investigations of savers using offshore bank accounts for tax purposes, Grant Thornton claimed today. Accountancy Age 24-Oct-08

Guernsey bank investors see poor return

More than 2,000 investors with £121m in Landsbanki Guernsey have been given a payment of just 30p for each £1 they invested — but there are 'good' prospects they will get further payments, says administrator Deloitte & Touche LLP. this is money website - 22-Oct-08.

The Perils of Saving Offshore

Well researched article covering the Kaupthing Singer & Friedlander, Isle of Man and Landsbanki, Guernsey bank failures and the ramifications for depositors.

• Three-fifths (60%) are UK citizens working or living overseas, who found it all-but-impossible to open a UK savings account without a permanent address here.

• UK citizens who are UK-resident account for another quarter (25%).

• Only one in nine (11%) are non-UK citizens who are non-resident.

Many of these . . .currently live and work overseas, and thus are prevented from keeping their nest eggs safe in the UK. So, before you move to criticise these unfortunate folk, put yourself in their shoes. How would you feel if your lifetime’s work was wiped out overnight?   Motley Fool website - 21-Oct-08

Savers stranded on islands following banking collapse

OFFSHORE savers with two Icelandic banks, Kaupthing Singer & Friedlander in the Isle of Man and Landsbanki Guernsey, as well as thousands of insurance bond holders, may have lost millions of pounds following the collapse of the institutions.

Investors with the Guernsey branch of Landsbanki have been dumbfounded to discover that they may have lost their savings because cash was transferred to another subsidiary, Heritable, where depositors are being protected, as well as to the parent company.  Scotland on Sunday website - 19-Oct-08.

Iceland Seen Turning to IMF

The Icelandic government is likely to ask the International Monetary Fund for financial help over the weekend, as the country's foreign-exchange market remains dysfunctional and questions mount over Iceland's near-term debt obligations, a key government official told Dow Jones Newswires Friday.

Financial markets worry about the government's ability to meet debt obligations as Iceland drastically shakes up its financial system.  Wall Street Journal website - 17-Oct-08.

‘Island banks secure'

JERSEY’S banks are safe, says the Island’s Treasury Minister Senator Terry Le Sueur.

He told businesses this week that even if one of the banking groups was in dire straits, the government of the parent company would not allow the Jersey branch to go under. this is Jersey website - 15-Oct-08.

No compensation for offshore savings account customers

British savers with money saved in offshore accounts stand to lose all, or most, of their money because the accounts are not covered by the UK's Financial Services Compensation Scheme (FSCS), it has been revealed. fair inestment website - 15-Oct-08.

ING Direct to take over Icelandic deposits

ING Direct is to buy more than £3 billion of deposits held by UK savers in Icelandic banks.

The Dutch-owned online bank said it has agreed with the Treasury to acquire £2.5 billion of deposits and 160,000 customers from Kaupthing Edge and £538 million from Heritable Bank.   ClickAJob website - 14-Oct-08.

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