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

About Depositors

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Compensation hope for Iceland bank savers

British savers who lost almost £1 billion in Kaupthing Singer & Friedlander (KSF), the Icelandic bank based on the Isle of Man, are expected to find out tomorrow how much they will get back.

They were earlier thrown an apparent lifeline that could return them 60% — but that all hinges on how much of the bank’s assets have been found. . .

. . . Those who invested in Guernsey accounts with Landsbanki, another Icelandic bank (which traded in the UK as Heritable and Icesave), received compensation from liquidators within weeks, but were given just 30p in the pound.

However, others have still received nothing. Last month, MPs recommended that the government should only compensate charities — not councils or individual depositors.  19-Apr-09.

Strong parent groups give savers protection

Expats are advised to do their homework before choosing a bank or building society.

If there is one lesson to be learned from the Icelandic bank collapses, it is that expatriate savers can no longer rely on the guarantees offered by financial groups to their offshore subsidiaries. If the parent group fails then the guarantee is virtually worthless.

Guernsey set up a bank deposit compensation scheme last November but it excluded victims of the Landsbanki Guernsey collapse.09-Apr-09.

No Iceland compensation for local authorities or offshore depositors

Local authorities and investors who used offshore accounts to invest in Iceland should not be compensated, says the Treasury Committee.

The recommendations made in the first of a series of Treaury Committee reports on the banking crisis will infuriate UK savers who deposited money in the failed Isle of Man and Guernsey subsidiaries of Icelandic banks.  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.

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.

Landsbanki Guernsey owed another £81.9m.

LANDSBANKI Guernsey administrators have submitted a claim for £81.9m. to the bank’s parent company.

However, it is understood that it could be about two years before Landsbanki Islands hf (the parent bank of the Guernsey subsidiary) is in a position to pay creditors.  20-Jan-09.

LGDAG's Neil Dickens Interviewed by BBC Radio Guernsey

BBC Radio Guernsey's interview with LGDAG's Media Advisor, Neil Dickens, for this evening's Evening Review is excellent and available now on the website below, starting at time index 51:50. 13-Jan-09.

Landsbanki clients see their money slipping away

Landsbanki depositors left a meeting yesterday with the Chief Minister with the impression that they were unlikely to get all their money back.  Landsbanki Guernsey Depositors’ Action Group spokesman Neil Dickens said the meeting with Lyndon Trott and Treasury minister Charles Parkinson had not been particularly constructive and described the politicians as having been evasive.  8-Jan-09

2008 And All That

As another year draws to a close, we look back at the financial trends and milestones of 2008. It’s been an ‘interesting’ year! . . .

. . . In addition, the collapse of Icelandic bank Icesave tied up billions of pounds of savers’ money until the bailout by the Financial Services Compensation Scheme. Sadly, the government has yet to rescue savers who lost out when offshore subsidiaries of UK-registered banks went bust, leaving thousands of Brits nursing an £860 million loss. What a shameful disgrace!  30-Dec-08.

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