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

About Depositors

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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.

Guernsey savers fear loss of locked funds

More than 2,000 savers with accounts in the Guernsey subsidiary of a failed Icelandic bank are unlikely to recover all of their money, administrators warned yesterday. Depositors have been offered a preliminary pay-out worth just 30 per cent. An initial survey of Landsbanki Guernsey's assets and liabilities by the administrators from accountancy firm Deloitte reported that £41m of the £121m owed to depositors and others was available for distribution. 17-Oct-08

Financial crisis: savers in Guernsey warned they will lose out

Savers in a Guernsey subsidiary of a failed Icelandic bank have been warned they will only get a third of their money back. . . .

 . . . Around half of the depositors live in Guernsey and in Jersey, which has no subsidiaries of Icelandic banks, but 455 savers live on the UK mainland. 17-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.

Expat savers hit by Icelandic bank crisis

British expatriates face major losses as a result of the Icelandic banking crisis.People with money in Kaupthing, Singer and Friedlander (Isle of Man) cannot benefit from the island's £50,000 deposit protection scheme until the bank goes into default. They are effectively in limbo.

But the worst hit are savers with Landsbanki in Guernsey which was put into administration on October 7, a move which has effectively frozen customer deposits. The bank's website has told customers that there is no deposit protection scheme in Guernsey, nor is the bank covered by a UK or Icelandic scheme.  14-Oct-08.

Crunch threatens offshore money

Councils around Britain have £850m trapped in collapsed Icelandic banks. The latest figures on councils and public bodies in the UK could hardly be more stark.

But as much, if not more, has been invested by British depositors in Icelandic-owned banks in Guernsey and the Isle of Man. 14-Oct-08.

Landsbanki Guernsey savers may lose everything

Thousands of British savers with Landsbanki Guernsey may not get their money back, it emerged today.

The bank, a subsidiary of Icelandic bank Landsbanki, which has been taken over by the Icelandic Financial Services Authority, did offer some of the best rates on offshore savings accounts. But now savers in both the UK and the Channel Islands are unable to access their money.

There is no deposit protection scheme in Guernsey, and Landsbanki Guernsey is not covered by either the UK’s Financial Services Compensation Scheme (FSCS), or Iceland’s protection scheme, because it is registered in Guernsey.  09-Oct-08.


Iceland has nationalised its second-largest bank under new emergency legislation as it moved to get a grip on the escalating economic crisis. The bail-out of Landsbanki came a day after trading in shares of major banks was suspended, the Icelandic krona lost a quarter of its value against the euro, and the government rushed through emergency legislation giving it sweeping powers to deal with the financial meltdown. 07-Oct-08.

Trading in Icelandic banks halted pending announcement

Trading in the shares of Icelandic banks was suspended in Reykjavik ahead of an announcement and because of concerns over the pricing of their shares.

The suspension covers trading in all financial instruments issued by Kaupthing, Landsbanki, Glitnir, the Icelandic lender bailed out by the government after its short-term funding dried up, Straumur-Burdaras, Exista and Spron. 06-Oct-08.

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