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.

UK authorities lift freezing order on Landsbanki assets

British authorities today revoked the October 2008 Freezing Order on the assets of Landsbanki in Britain, wich were set using anti-terrorism legislation. This follows an agreement of 5 June between Icelandic, British and Dutch authorities, according to which the Icelandic Depositors' and Investors' Guarantee Fund will reimburse the UK and the Dutch Governments the amounts paid out to eligible depositors of the Icesave accounts in accordance with the EU Deposit Guarantee Scheme (up to 20,887 EUR per deposit).  The Icelandic Government Information Centre website 16-Jun-09.

Landsbanki depositors to seek delegates' attention during Commonwealth conference

Individuals who lost money when the Guernsey branch of Iceland's Landsbanki bank collapsed are hoping to take advantage of the presence of a Commonwealth conference on the island, which begins today, to call attention to their plight.

A spokesman for the Landsbanki Guernsey Depositors Action Group (LGDAG) said the group plans to present a copy of letter detailing the status of their efforts to regain access to their savings to Sir Geoffrey Rowland, Bailiff of the States of Guernsey.  International Adviser website - 15-Jun-09.

Also see:

Dutch gov’t pays 106 mlllion euros to Icelandic bank depositors

BRUSSELS, — The Dutch government paid 106 million euros (147 million U.S. dollars) to Dutch individuals and local governments who deposited money with the now bankrupt Icelandic Internet bank Icesave, Radio Netherlands reported on Thursday. . .

. . . The figure was given by the Netherlands Court of Audit, an independent body charged with monitoring the collection and spending of public funds. This was higher than the Dutch Finance Ministry’s estimate of 92 million euros (128 million dollars). darithdeng website -22-May-09.

Iceland no longer planning to take the UK to court

The new government in Iceland has decided it will no longer pursue plans that would take the government of the UK to court because they froze assets by means of anti-terror laws.  The fight between Iceland and the UK was one of the tensest since sometime during the 1970s. . . .

. . . The Treasury in the UK noted that they were happy to hear that the issue with Iceland was being dropped.  It is thought that the relationship between Iceland and the UK will slowly begin to improve.  The Treasury also said that they will be loaning Iceland several billion pounds to help out investors from the UK who might have had deposits with Icesave which is part of Landsbanki which is collapsed.  MyPoliticalnews worldpress website - 15-May-09.

Gordon Brown Spills the Beans on the IMF

Last month the G-20 authorized the International Monetary Fund to increase its loan resources to $1 trillion. It’s not hard to see why. . .

. . . It is supposed to be merely incidental that the largest IMF shareholders, the United States and Britain, happen to be the major creditor nations and their banks the main beneficiaries of IMF loans. But in a Parliamentary question-and-answer session on May 6, Britain’s Prime Minister Gordon Brown spilled the beans. Under pressure for his notorious “light-touch regulation” as Chancellor of the Exchequer (1997-2007), he undid half a century of rhetorical pretense by announcing that he was pressuring the IMF to bail out Britain in its nasty dispute with the Icelandic owners of a British bank that went under.  Counterpunch website - 11-May-09.

Repeats of Press Association's Report on Landsbanki Guernsey Savers' Payout

The Press Association's story, published below this entry, has now been picked up and run by a wide range of publications, including:

Collapsed bank Landsbanki Guernsey's customers could receive 80% of money back - Daily Mail website - 08-May-09.

Part payback for tax haven savers - Scotsman website - 08-May-09.

Bank customers 'may get money back' - AOL Money - 08-May-09.

Joint Administrators of Landsbanki Guernsey Limited release second interim report to creditors - Business Credit Management UK - 09-May-09.

Bank customers 'may get money back'- Virginmedia website - 09-May-09.

 Savers who lost money through Icelandic bank 'to get 80 per cent back' - Daily Telegraph website - 09-May-09.

.Landsbanki Guernsey depositors ‘can expect most of their money back’ - The Guernsey Press website - 09-May-09.

Bank customers 'may get money back' - Channel4 News website - 08-May-09.

 Bank customers 'may get money back' MSN Money website - 08-May-09.

Landsbanki savers' payment hopes - BBC News website - 09-May-09.

Visions of Johanna

THE Social Democrats emerged as the big winners of Iceland’s election on April 26th. Their coalition partner, the Left Greens, also did well. The big loser was the Independence Party, which for the first time in 18 years will not be in government. The prime minister will be Johanna Sigurdardottir, an openly gay former air hostess who has held the job in an acting capacity since the previous government gave up in January. . .

. . . The government has yet to finalise all of the terms of its $2.1 billion loan from the IMF, pending an audit of the banks and its own budget. Negotiations with the British and Dutch governments over repayment of the $5.8 billion still owed in respect of Landsbanki’s Icesave depositors are deadlocked. The projected debt from the IMF and Scandinavian rescues, combined with Icesave’s obligations, will exceed $11.1 billion, roughly equal to Iceland’s GDP in 2007. So the budget, when finally presented, is likely to contain some swingeing spending cuts and tax rises. Economist website - 30-Apr-09.

Action group backs Foot probe into 'inadequate' comp schemes

Calls in Michael Foot's interim review for a probe into offshore jurisdictions' compensation schemes have been backed by an action group, which argues current 'safety nets' are inadequate.

The Landsbanki Guernsey Depositors Action Group (LGDAG) says some current schemes are not designed to cope with "catastrophic" failure. . .

. . . LGDAG adds, if the Government had not bailed out RBS and other banks with subsidiaries offshore, Guernsey alone would have seen four failures and therefore its parent bank guarantees would have been useless. . .

. . . Foot says only "some" of the nine British Crown Dependencies and Overseas Territories have compensation schemes in place. But it points to Bermuda, Gibraltar and the Isle of Man as examples of centres that have made moves to shore up their capabilities in the event of a major failure.  International Investment - 24-Apr-09.

Iceland payback delay warning

Councils with money frozen in Iceland's Heritable Bank should gain up to 80% of their deposits back — but they will have to wait until 2012 to receive the best return.

The authorities will effectively forfeit cash by receiving what is left of their deposit sooner, said a report published by the bank's administrators Ernst & Young on the 17th April 2009. . .

. . . Heritable has to adhere to UK insolvency laws, which require auditors to produce a report after six months, but there are no such rules governing the Iceland-based banks.

The proportion of returns from Landsbanki and Glitnir will depend on whether councils secure 'preferential creditor status', which the LGA is optimistic about. Local Government Chronicle website - 23-Apr-09.


A protest by Landsbanki Guernsey savers is looking more and more likely.

A meeting of the Depositors Action Group in the island last night saw over half the members agree to take part in a demonstration. . .

. . . The chair of the local action group's told Island FM, he and most of the local savers are now prepared to get involved.  Island FM website - 17-Apr-09.

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