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

About Depositors

This page contains brief summaries of and links to media reports on the topic of About Depositors.

I Couldn't Explain It Better

Well reasoned blog article from Jersey on some of the circumstances and the culpability behind the banking crisis. Jersey Twenty-Four Seven website - 29-Dec-08.

Sants says clients could sue IFAs over Iceland saga

Clients of IFAs who were advised to put money in offshore deposit accounts should sue, Financial Services Authority (FSA) chief executive Hector Sants has said.

Answering a question at today’s House of Commons Treasury Committee from Graham Brady MP, on whether consumers were sufficiently aware of the regulatory status of foreign-owned banks in offshore jurisdictions, Sants said he saw no reason why anyone would imagine deposits with banks such as Kaupthing Singer & Friedlander Isle of Man (KSF IoM) would be protected. 15-Dec-08.

Isle of Man depositors still whingeing

British depositors caught short by Icelandic banking failure on Isle of Man still battling to get compensation.

Editorial Analysis:

Those British citizens who had deposits with Kaupthing - the now defunct Icelandic bank - on the Isle of Man (IOM) are still trying to get compensation for their losses.

. . This will surely serve as a reminder to savers that risk still exists offshore. If the risk didn't exist then all UK depositors would surely seek to invest offshore.  Director of Finance online - 28-Nov-08.

Landsbanki: Help from Guernsey?

HINTS that Guernsey taxpayers’ money may be used to bale out investors in Landsbanki, the Icelandic bank in administration, were given at a meeting on Monday.  26-Nov-08.

What is in store for offshore banking?

In the pre-Budget report (PBR) the chancellor made quite a low key comment.

"The government will shortly commission an independent review of British offshore financial centres," he said.  He also made it clear that the UK would not be held responsible for any sums held in the offshore bank accounts, in the same way as it is for the amounts held at UK on-shore bank accounts. One wonders what is behind all this. . . .

 . . . But at the end of it all, the mainly Western governments who are seeking information from the off-shore centres may find that their taxpayers were actually being much more honest than they were giving them credit for. ..    By Chas Roy-Chowdhury - Association of Chartered Certified Accountants - 26-Nov-08.

Gordon Brown speaks exclusively to the Politics Show.

Prime Minister, Gordon Brown, spoke to Jon Sopel on the eve of the Pre-Budget Report. When questioned about the offshore depositors in Icelandic Banks he said he is very concerned about this but the Isle of Man is not within the UK's jurisdiction. "We may have to look at the relationship between the UK and the Isle of Man." The Politics Show, 22 minute video clip - 23-Nov-08.

The Icelandic Government program with the IMF

Report from the Icelandic Primie Minister's office regarding Icelandic plans to repay depositors and the wider fiscal sector and economy via the recent loans agreements.  17-Nov-08.

Solution on Icesave Dispute Seems To Be in Sight

It is hoped that an agreement will be reached today or in the coming days on how account holders of Landsbanki’s Icesave in the UK and the Netherlands, and account holders of other Icelandic banks in Europe will be compensated. An Icelandic delegation is currently in Brussels working to that end. 14-Nov-08.

A backlash against foreign banks?

Last month, the economy of Iceland began to wobble, which caused leading Icelandic banks Kaupthing and Landsbanki to fold. . . .Once again, the UK government stepped in, guaranteeing that British savers would not lose a penny. (Are you starting to see a pattern here?). . . .

. . . So, in one respect, saving has indeed become unsafe -- because one group of unfortunates has lost out and has yet to receive government backing. In my opinion, until this happens, saving can no longer be considered 100% secure! Motley Fool UK website - 14-Nov-08.

Iceland to hold news conference,deposit feud in focus

REYKJAVIK, Nov 14 (Reuters) - Iceland's government planned to hold a news conference at 1600 GMT on Friday, amid speculation a resolution may be close in conflicts with Britain and the Netherlands over deposits in failed bank Landsbanki. 14-Nov-08.

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