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

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This page contains brief summaries of and links to media reports on the topic of Related Topics.

‘Island should not be lumped in with the less-regulated’

GUERNSEY is expected to be included in discussions on ‘tax havens’ at the G20 summit in two months. . .

. . . Guernsey International Business Association spokesman Mike De Haaff said Guernsey should not be lumped together with other less-regulated jurisdictions because that could damage the island’s reputation.

‘The problem we face is that too often no distinction is made, particularly by the national media and many international politicians, between a well-regulated centre like Guernsey and those with more questionable regimes,’ he said.

‘In fact, one might ask what else Guernsey needs to do to be more cooperative and thus avoid being bundled with less-reputable offshore centres.’   21-Feb-09.

When did your cash go to Iceland?

Huge differences in when councils risked putting cash into doomed Icelandic banks have been unearthed by Channel 4 News online.  . .

. . .Administrators in the UK and Iceland are trying to recoup money for creditors by raising cash from the banks' remaining assets, although as councils are not "retail" depositors they are not guaranteed any return. A Landsbanki creditors' meeting was set to take place in Iceland this morning, where those with money frozen were hoping for a clearer picture of what was going on.  20-

Isle of Man poised to confirm Icelandic bank compensation

The Isle of Man government will tell a court tomorrow that it will underpin 60p in the pound compensation for all investors in the collapsed Kaupthing Singer & Friedlander IoM bank. . .

. . . "It provides a quicker return, but the really important thing is that the Isle of Man is foregoing the right to reclaim any contribution until the depositors have received 60p in the pound." He said the scheme would not, as depositors had believed, remove any of their legal rights of redress against any party. . .

, , , He concluded: "It compares well with the Landsbanki (Guernsey) situation, where people have received 30p in the pound. I realise this is cold comfort for the depositors, and we are absolutely working as hard as we can to improve the situation for them." The Herald, Glasgow website - 18-Feb-09.

KSF early payments will require £94m of taxpayers' cash

TAXPAYERS' cash totalling £94 million would be required to fund larger early payments to Kaupthing Singer & Friedlander depositors.

Tynwald will be asked to approve an extension to the early payments scheme for depositors that will provide up to £10,000 for each account holder – a measure that will be funded from £94 million taken out of government reserves. 12-Feb-09.

Iceland: a Metaphor for the Crisis

. . .The toll is going to be extensive and the UK Government will probably have to find well over $US7 billion to bailout individuals, companies, charities, local and regional government bodies who had billions of dollars invested in the two main banking arms of Iceland’s two biggest banks, Icesave (owned by the tottering Landsbanki) and Kaupthing Edge. These were mainly online banking operations run out of Iceland which harvested deposits in the UK.

UK reports said the Government expected Iceland’s depositor compensation scheme to cover about £2.2 billion of the £4.6 billion owed to about 300,000 Landsbanki depositors, with £1.4 billion coming from the UK industry financial services compensation scheme and the remainder from the government. That of course presupposes that Iceland has the money to meet the cost of the guarantees. . . .  Australasian Investment Review (AIR) reprinted on Real Estate Resources website - 19-Jan-09.


Wait goes on for bank depositors

ISLANDERS with money trapped in an Isle of Man bank now in administration are still waiting to discover if they will receive £50,000 back through a depositor protection scheme. 17-Jan-09.

IMF postpone Guernsey's assessment

Guernsey will not be assessed by the International Monetary Fund until late this year.

The IMF had been due to visit this month.  14-Jan-09.

Plea for help by ‘MP’ was spoof

A MAN who posed as a Labour MP on the internet has said he was a Landsbanki investor and did it as a cry for help. 14-Jan-09


Iceland drops legal threat over bank

Britain has fended off the threat of a politically charged London lawsuit over its use of anti-terror powers to freeze billions of an Icelandic bank's assets.

Reykjavik conceded yesterday that a High Court challenge to the freezing order made against Landsbanki in October stood scant success. However, the Icelandic government said it would back a separate legal challenge brought against London related to Kaupthing, one of the country's three banks nationalised last year to stave off their collapse.  07-Jan-09.

Iceland's Kaupthing administrators to sue UK govt

REYKJAVIK (Reuters) - Iceland said Monday state-controlled Kaupthing Bank was suing Britain over a decision to place the bank's British arm in administration, potentially reigniting a simmering diplomatic row.

The Treasury placed Kaupthing Singer and Friedlander in administration on Oct 8, at the height of Iceland's financial crisis, saying it was doing so to protect British retail depositors. . .

. . . The statement said Iceland's government is also considering supporting a lawsuit by the resolution committee of Landsbanki and the government would discuss the matter Tuesday.  06-Jan-09.

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