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.

PM writes to Gordon Brown following UK Treasury Committe report on banking crisis

he Icelandic government welcomes the Treasury Committee report and consideres it to be a meaningful contribution to the explanation of the events in October.

Jóhanna Sigurðardóttir, the Prime Minister of Iceland, has written to Gordon Brown the Prime Minister of the UK, asking for his reactions to findings in the Treasury Commmittee report on the actions taken by the UK government early October when the Icelandic banks collapsed. The Freezing Order, issued by the UK government on 8 October 2008 on the authority of the UK Anti-Terrorism, Crime and Security Act 2001, freezes certain funds relating to Landsbanki, including those owned, held or controlled by the Icelandic Government and authorities. Later the UK authorities effectively took over Kaupthing Singer&Friedlander, a subsidiary of Kaupthing, put the bank into administration and transferred most of its retail deposits to the Dutch bank, ING.  The Icelandic Government Information Centre website - 08-Apr-09.

MPs attack IFA advice on offshore savings

Treasury select committee MPs have criticised the quality of advice given by IFAs in the run-up to the Icelandic bank failures.

In a report into the failure of the Icelandic banks, the committee says: "Bearing in mind the heavy coverage in the financial press of Iceland’s fragility we would have expected offshore savers using independent financial advisers to have been advised of the changing risk profile of their savings.”

The TSC says it will be exploring further the role of advice to customers in its forthcoming inquiry into the banking crisis.   MoneyMarketing website -  04-Apr-09.

BBA says expat onshore banking treatment justified on 'higher fraud risk' grounds

The British Bankers' Association (BBA) has waded into the debate on British expats' access to onshore bank accounts, pointing to difficulties obtaining personal information as a key reason for its members' reluctance to embrace offshore savers.

Its comments come in a letter to the Landsbanki Guernsey Depositors Action Group (LGDAG) which is calling on the government, banks and building societies to review the “commercially driven” practice of denying UK bank accounts to British expats.  International Investment website -  27-Mar-09.

Postcard from...Guernsey

The spotlight is certainly on offshore centres at the moment with talk from newly elected President Obama about closing down tax havens, which has been quickly echoed by other world leaders such as Gordon Brown who perhaps sees an opportunity to divert attention from the poor economic situation in his own country.

So what does this mean for Guernsey? “Bring it on” seems to be the upbeat reaction from the local financial community on the grounds that Guernsey already has higher levels of regulation than most onshore jurisdictions.  International Investment website - 27-Mar-09.

Weil gets Kaupthing Bank’s claim against UK Govt off the ground

Weil Gotshal & Manges has scored a High Court ­victory in the first step towards forcing the UK Government to revisit its decision to put the UK arm of Icelandic bank Kaupthing into administration.

The High Court agreed to the request for a judicial review from the state-­controlled Icelandic bank last week.  The Lawyer website - 23-Mar-09.

Landsbanki expat group lobbies G20 over 'unsafe' Guernsey

Over 100 expat Landsbanki Guernsey depositors have joined forces to raise awareness of "unsafe" Guernsey and their lost savings to the G20 nations.

Members of the group say they are “thoroughly disillusioned” with the Guernsey government and argue it has done “next to nothing” to recover their savings.

They hope lobbying G20 leaders will put pressure on the UK and Guernsey governments to resolve the situation where depositors in the failed subsidiary of the Icelandic bank are still without 70% of their savings.   International Investment website - 20-Mar-09.

Call for offshore depositors to gain full access to onshore accounts

Action groups fighting for compensation for depositors hit by the collapse of Kaupthing and Lansbanki have call for an investigation into the availability of onshore bank accounts for crown dependency residents.

They have accused the Government, banks and building societies and the FSA of passing the buck on making it easier for offshore depositors to hold an onshore account covered by the Financial Services Compensation Scheme (FSCS).   International Investment website - 20-Mar-09.

Iceland appoints UK team for creditor negotiations

LONDON: Iceland's government said Thursday that it has appointed a British firm, Hawkpoint Partners Ltd., to lead negotiations with creditors of recently nationalized banks. . . .

. . . The banks' foreign debts amount to over $60 billion, dwarfing the country's gross domestic product of $14 billion.   Associated Press report on International Herald Tribune website - 12-Mar-09.

Iceland Names Magistrate To Probe Banks For Fraud

REYKJAVIK, Iceland (AFP)--Iceland has appointed a veteran anti-corruption investigator to probe possible fraud within the Arctic country's collapsed banking sector, a government statement said Tuesday.
Eva Joly, currently a special anti-corruption advisor to the Norwegian government and best known for having brought a 1990s corruption scandal at French oil giant Elf to trial, has a staff of four but media quoted her as saying more would be required.    AFP Report reprinted on easybourse website - 10-Mar-09.

Action Group Suspicious After Details of Threats Are Leaked

It's being claimed details of threats against the Chief Minister were deliberately leaked to distract from his dispute with the Landsbanki Depositors Action Group.

Yesterday, Island FM exclusively revealed the Chief Minister had received threatening correspondence. Police are treating them as serious and security around Deputy Lyndon Trott's been stepped up.

Soon after the news broke a spokesperson for the Action Group assured islanders they condemned any such threats. But the group does believe details of the police investigation were deliberately leaked to draw attention away from their current dispute. They're accusing the Chief Minister a going back on his invitation to meet with savers. Sure - Cable & Wireless website.   05-Mar-09.

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