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

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Dutch savers demand answers from Iceland

A group of Dutch Icesave customers this week sent a letter to Icelandic Prime Minister Johanna Sigurdardottir to demand their savings be insured by the Icelandic government.

According to the group, calling itself ‘Icesaving, Association for 100.000-plus Icesave Victims’, there are only 469 former Icesave customers who have yet to find a suitable refund option for their lost savings.

While the British government agreed to compensate all British Icesave customers fully, the Dutch government only offered compensation up to a limit of EUR 100,000. The group represents the 469 Dutch Icesave customers who had deposits over EUR 100,000.  15-Apr-09.

Boost for [Isle of Man] Icelandic bank savers

Three-quarters of savers who lost money through the collapse of the offshore arm of an Icelandic bank will get all of their cash back now a Scheme of Arrangement has been approved.

An Isle of Man court has approved a Scheme of Arrangement for Kaupthing Singer & Friedlander Isle of Man (KSFIOM), saving the bank from liquidation. . . .

. . . It is estimated that 54% of depositors will get back all their money within three months under the scheme, while 76% will have received 100% within two years.  09-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.

UK Treasury Committee Criticizes Darling in Iceland Report

The Treasury Committee of the UK Parliament released its first report in a series on the banking crisis on Saturday, analyzing the collapse of the Icelandic banks in October 2008. It criticizes the demeanor of Chancellor of the Exchequer Alistair Darling.

  . . .Sigfússon believes that the report might support Landsbanki’s cause in its lawsuit against British authorities and possibly also Iceland’s cause in the ongoing discussions on compensation to Icesave account holders, Landsbanki’s online savings unit in the UK and the Netherlands.

“I’m especially hopeful that [the report] will make it easier for us to unfreeze [the assets of Landsbanki in the UK]. It will be difficult for British authorities to maintain it when they are subject to such harsh criticism from its own parliament,” Sigfússon reasoned.  05-Apr-09.

Lawyers cash in on the Icelandic banking fiasco

The collapse of the Icelandic banking sector seems to have benefited one group of people – lawyers.

Legal threats have been flying across the UK and Irish Sea since Kaupthing and Landsbanki collapsed in 2008, and a new report from the Audit Commission will only fuel the fire. . .

. . . A splinter group of Landsbanki Guernsey depositors will join protesters at the G20 meeting this week. Many expats blame government money-laundering rules for forcing them to use offshore banks. The Landsbanki Guernsey action group found only two out of 57 mainland banks would accept British expats who did not have a current UK address.  31-Mar-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.

How the States has squandered your cash

THE States has been wasting taxpayers’ money for years, according to a scathing new report. .

. . . Not only has the States allowed a ‘financially profligate culture’ to flourish, the review carried out by consultants Tribal Helm also found that some departments had been providing ‘gold-plated services’ in areas where there was no need for any government involvement. . . .

. . . Phase one of the Fundamental Spending Review of the States of Guernsey’s expenditure has revealed an organisation with financial, structural and cultural characteristics that has contributed to the less-than-efficient delivery of services and an inherent lack of evidence-based decision making,’ said the report, which is released today.  27-Mar-09.

Iceland protest in London at 'terrorist' tag

ICELANDIC campaigners presented an 83,000-name petition at the House of Commons to protest at their citizens being branded 'terrorists' by the UK Government. . .

. . . Austin Mitchell MP, chairman of the British-Icelandic All- Party Parliamentary Group, said: 'I welcome this petition. Government was too quick to act against Iceland when we should have helped them.'  Isle of Man Today website - 24-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.

British FSA denies claims by former Landsbanki owner about Icesave accounts. What’s the deal?

For those who don’t know,  Icesave was an online bank launched in the UK by Landsbanki, Iceland’s oldest and most established banking institution, in October 2006. . .

. . . When Landsbanki collapsed in October, the Icelandic public was stunned to discover that Icesave was not a subsidiary of Landsbanki in the United Kingdom [as most of us had assumed] but rather a branch of the Icelandic mother company. This meant that the Icelandic Deposit Guarantee Fund was responsible for covering the minimum guaranteed amount in the British accounts – a colossal sum in view of the tiny size of the Icelandic nation . . .

. . . In an interview with now-defunct news magazine Kompás in October, Björgólfur Thor Björgólfsson, one of the owners of Landsbanki prior to its nationalization  . . . claimed that the British Financial Supervisory Authority had offered to fast-track the Icesave accounts into a British subsidiary the weekend before the Icelandic government nationalized the bank. Obviously this would have been hugely significant for us, the Icelandic people, as it would have meant that we were not saddled with massive debts that we did nothing to incur.  The Iceland Weather Report website - 03-Mar-09.

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