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

Guernsey Press

This page contains brief summaries of and links to media reports from the source Guernsey Press.

Chief minister links conduct complaint to Landsbanki group

Chief Minister Lyndon Trott has drawn attention to the link between a code of conduct complaint against him and the Landsbanki depositors’ action group.

In an email to States members, he referred to the group’s website on which an article is posted that implies he has misused his position to promote a private finance company.

‘This website is registered to Gary Blanchford, known to many as the spokesperson for the Landsbanki Guernsey Depositors’ Action Group,’ said Deputy Trott.

‘I intend to draw this site to the attention of the States Members’ Conduct Panel. ‘In doing so, I am conscious that in the words of the spokesperson for the group there is, apparently, no link between his vexatious complaint against me and other matters,’  24-Feb-11.

Progress means there is now no need to meet Landsbanki savers

PROGRESS made in getting Landsbanki Guernsey depositors their money back means that no public meeting with them is now necessary, the States heard yesterday. . .

During question time Deputy David De Lisle sought an update on what the chief minister and Policy Council had done.

Chief Minister Lyndon Trott said that responsibility for recovering the depositors’ money rested with the Royal Court-appointed joint administrators – the Policy Council was in regular contact.

So far 67.5p in the pound has been returned – it is estimated that eventually depositors will get back 91p.  30-Sep-10.

Wall Street Journal writer interviews ministers and Landsbanki depositors

A US-based journalist has interviewed islanders who lost money in the Landsbanki collapse for a book about the global financial crisis.

Michael Casey, who writes for Dow Jones and the Wall Street Journal, was in the island yesterday and also spoke to Chief Minister Lyndon Trott and Treasury minister Charles Parkinson.

Mr Casey (pictured) said he wanted to focus his book on the human stories that have come out of the financial crisis and show how all parts of the world were affected by it because they were linked.  19-May-10.


Landsbanki Guernsey savers ‘are the worst off of the lot’

LANDSBANKI Guernsey depositors are the worst-affected by the Icelandic financial crash, and Iceland may now never re-compensate [sic] the UK, it has been claimed.

Hundreds of thousands of Iceland residents have joined an insurrection proposing that the UK and Netherlands, which lent the country the money to bail out foreign savers when Landsbanki collapsed in October 2008, should not be recompensed.

Over the past year they have become increasingly unhappy about bearing this cost saying it will make their already huge debt impossible.

An article in the Sunday Telegraph business section yesterday said that of all those affected, one group of Channel Islanders was hit hardest.

‘But the worst affected people – even more so than Icelandic and British taxpayers – are the 800 savers in Landsbanki Guernsey who lost access to their entire life savings,’ said business journalist Rowena Mason.

‘They were not covered by the UK Government’s bail-out,’ she added. 08-Mar-10.

[See referenced Telegraph article by Rowena Mason HERE.

Landsbanki cash recovery for administrators, not the States

RECOVERING Landsbanki depositors’ money is down to the administrators, not the States, according to the chief minister. . .

Landsbanki Guernsey savers have accused the Guernsey Financial Services Commission of allowing the bank to advertise a worthless parental guarantee.

It follows the Icelandic Winding-up Board rejecting savers’ claims because Landsbanki Guernsey did not have a guarantee from its Icelandic parent company to back its deposits. . .

The GFSC does require subsidiary banks to have letters of comfort in place but it has always recognised that these are not legally binding and made that point plainly in the same consultation paper. . .

‘It is clearly incorrect for the LGDAG to “question the validity” of the chief minister’s recent assurances that Landsbanki Guernsey depositors would be treated fairly by the Winding-Up Board, as claimed by the LGDAG. I regrettably cannot do anything other than to express my disappointment that the LGDAG has sought to personalise the matter and in doing so misrepresent our position.’

Guernsey savers have so far had a little over two thirds of their money back.  22-Feb-10.

Landsbanki savers post clip on YouTube and lobby States members once more

DEPUTIES have again been asked by the Landsbanki Guernsey Depositors' Action Group to do more to get their money back.

An email sent to States members at the weekend claimed the Assembly had done nothing to help the 1,600 depositors, 600 of whom are Guernsey taxpayers.

LGDAG chairman Neil Dickens said that even after the anticipated distribution this month, depositors would still be waiting for one third of their savings back, not counting lost interest and income.

'The administrators have offered a final return of possibly 85 to 91%, but this could take some years to materialise - 100% will not be attained without Guernsey government intervention.'

'Proof has been produced to all of you that there was a clear lack of due diligence by the GFSC, a matter we are strongly recommending you seriously review,' he told the deputies.

Mr Dickens said a new documentary had been produced by Guernsey savers about the hardships they had endured. It has been posted on YouTube.  Article from print-copy of Guernsey Press - 11-Jan-10.

View Landsbanki Guernsey's YouTube Video.

Landsbanki savers could get more than 90% back

LANDSBANKI Guernsey depositors will get more of their savings back in the new year, the bank's administrators have confirmed.

The administrators now also believe that savers might get more than 90% of their money back – after having previously said it would require 'external intervention' to recover that much.  18-Dec-09

Landsbanki depositors want public inquiry into bank’s collapse

LANDSBANKI GUERNSEY depositors who lost their money when the bank collapsed have called for an independent public inquiry.

Just over a year on, the Landsbanki Guernsey Depositors’ Action Group has written to deputies asking for support in establishing a panel to review what was done before, during and after the Icelandic bank fell. . . .

‘There have been instances that have cropped up as a result of information that has become available from elsewhere that indicates the GFSC had not been exercising due diligence in conducting its inquiry.’

The letter, written by Matthew Dorman, described what was needed as ‘a public inquiry ensuring full disclosure, not only of actions prior to Landsbanki Guernsey being put into liquidation but also thereafter’.  20-Oct-09.

For some, it is too late

A MINUTE’S silence was held yesterday on the Royal Court steps for three Landsbanki depositors.

The savers have died over the course of the year since the Icelandic bank failed, leaving debts of millions.

Guernsey depositors gathered on the steps of the Royal Court yesterday to mark the first anniversary of Landsbanki Guernsey being placed into administration. . .

The action group has fought to persuade the States to help them get their money back.  08-Oct-09.

‘Give offshore banks a wide berth’

THE States has come under heavy criticism in the national press for not supporting investors who lost money in the Landsbanki collapse.

An article in The Times on Saturday launched an attack on the way Guernsey’s government dealt with the banking crisis and said the message to UK savers was clear: ‘If you value safety, you should give offshore banks a wide berth.’ . .

The Isle of Man was at least trying, he said. . .‘However, even faint praise cannot be extended to the Guernsey authorities. Worried about the damage to the island’s reputation, it has belatedly introduced a hopelessly inadequate compensation scheme, but it is not open to the Landsbanki victims.’  28-Sep-09.

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