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


This page contains brief summaries of and links to media reports that the site editors have selected as the most important or relevant.

Action group backs Foot probe into 'inadequate' comp schemes

Calls in Michael Foot's interim review for a probe into offshore jurisdictions' compensation schemes have been backed by an action group, which argues current 'safety nets' are inadequate.

The Landsbanki Guernsey Depositors Action Group (LGDAG) says some current schemes are not designed to cope with "catastrophic" failure. . .

. . . LGDAG adds, if the Government had not bailed out RBS and other banks with subsidiaries offshore, Guernsey alone would have seen four failures and therefore its parent bank guarantees would have been useless. . .

. . . Foot says only "some" of the nine British Crown Dependencies and Overseas Territories have compensation schemes in place. But it points to Bermuda, Gibraltar and the Isle of Man as examples of centres that have made moves to shore up their capabilities in the event of a major failure.  International Investment - 24-Apr-09.

Treasury paid £7.4bn to Iceland savers

The Treasury has revealed that it was forced to pay out £7.4bn to savers who lost their money in the Icelandic banking crisis last year.

The Government stepped in to help more than 300,000 UK savers with Iceland's biggest banks, after Kaupthing and Landsbanki collapsed last October. Figures released in Wednesday's Budget, show that the Treasury had to give £3.3bn to savers with money in Kaupthing Singer & Friedlander and Landsbanki's Heritable Bank, while compensation is expected to reach £4.5bn for savers with money in Icesave accounts. 24-Apr-09.

Good news for Landsbanki Depositors

Landsbanki Guernsey Depositors have been told they could receive more of their money back soon.

So far customers have received 30 pence for every pound they deposited in the collapsed bank.

Joint administrators, Deloitte, have now said more cash may be given back in the summer if the authorities approve it.

It also wants detailed reports to be released to the bank's creditors.

The Landsbanki Depositors Action Group has welcomed the news, but believe depositors will still lose up to 25% of what they invested. 22-Apr-09.

Despair over bank's lost savings

More than 1,500 people lost their savings when Landsbanki Guernsey went into administration in October, leaving some of them facing an uncertain future. . .

. . . Neil Dickens, from the Landsbanki Guernsey Depositors Action Group, said many of its, mainly elderly, members were now in a place of "emotional despair".

The group's website is filled with stories of people struggling to get by without the money they had saved to see them through retirement.21-Apr-09.


Depositors Group Prepares To March

100 or so Landsbanki Guernsey savers are expected to hold peaceful rally.

Landsbanki Guernsey depositors are preparing to march in the island.

The majority of locally based members of the Landsbanki Guernsey Depositors Action Group have backed joining expats in the demonstration because they believe diplomatic channels have been exhausted. 

The figure taking part in what will be peaceful action could exceed 100. 

It is six months since the collapse of the bank and the savers have been offered only 30% of their savings and pressure is again mounting for the States to reveal details of what it is doing with the UK Government to help secure the rest.

Savers are still keen to meet with Chief Minister Lyndon Trott especially now a Treasury Select Committee report into the Icelandic Banking crisis is out.

They are disappointed with the lack of information coming from the Administrator and believe Deputies are still not fully up to speed on the work being done.  [Reported in full from hard-copy Guernsey Press newspaper. Article not currently available on website. ]


A protest by Landsbanki Guernsey savers is looking more and more likely.

A meeting of the Depositors Action Group in the island last night saw over half the members agree to take part in a demonstration. . .

. . . The chair of the local action group's told Island FM, he and most of the local savers are now prepared to get involved.  Island FM website - 17-Apr-09.

News Report in Evening Review

Here's an iPlayer clip of the BBC's Evening Review programme tonight.

The full interview with Neil Dickens is broadcast at 1:09:50 on the clock (bottom right). Just click along the progress bar to locate the correct time-slot.  16-Apr-09.

Landsbanki demo (Includes video interview with Neil)

Depositors with Landsbanki Guernsey are to stage a peaceful protest against the lack of compensation from the States.

The bank went into administration six months ago and so far savers have only received thirty pence in the pound.

They believe Guernsey's States should be doing more to fight their cause in the UK and Iceland.

And say they've been too quick to dismiss the idea of providing financial help.  16-Apr-09.

Iceland to submit report on failed banks this week

STOCKHOLM, April 15 (Reuters) - Iceland's government said on Wednesday an evaluation of the assets and liabilities of its failed banks would be submitted to its market authority and main creditors within two days, with a deal expected by late May.

Negotiations on the division of the assets will begin as soon as possible, a government spokesman told Reuters, with an agreement expected by May 18.  15-Apr-09.

Offshore savers helped, but some left stranded

Around three-quarters of the savers who put their money into the offshore arm of Icelandic banks are to get their cash back.

Some 10,000 savers with Kaupthing Singer & Friedlander Isle of Man (KSFIOM) have been told that the bank has been granted a Scheme of Arrangement by the Isle of Man court, saving it from liquidation. . .

. . . The Isle of Man government has agreed to contribute up to £180m towards compensating depositors.

However, the 2,003 savers with Landsbanki Guernsey, which went into administration on October 7, 2008, are not so lucky. So far, they have received a payment of 30p in the pound. Savers who had accounts with the UK arms of Landsbanki and Kaupthing were compensated in full. 15-Apr-09.

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