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.

Commonwealth Parliamentary conference

Delegates from commonwealth countries have been in Guernsey to discuss what governments can do about the global economic downturn.

For the island it's a reminder of its own high profile victims of the credit crunch, the depositors in Landsbanki Guernsey.  Account holders are lobbying delegates to raise awareness of their cause.  15-Jun-09 (video report)

Landsbanki depositors to seek delegates' attention during Commonwealth conference

Individuals who lost money when the Guernsey branch of Iceland's Landsbanki bank collapsed are hoping to take advantage of the presence of a Commonwealth conference on the island, which begins today, to call attention to their plight.

A spokesman for the Landsbanki Guernsey Depositors Action Group (LGDAG) said the group plans to present a copy of letter detailing the status of their efforts to regain access to their savings to Sir Geoffrey Rowland, Bailiff of the States of Guernsey.  International Adviser website - 15-Jun-09.

Also see:

Iceland says creditor talks to start this week

* Iceland says talks with creditors begin this week  * Says hopes to agree on compensation as soon as possible


STOCKHOLM, June 2 (Reuters) - Iceland's finance ministry said on Tuesday the government will start formal talks with creditors of its failed commercial banks and aims to agree on compensation as soon as possible. . .

. . . It also said the government hoped to agree on compensation for creditors of the banks. 02-Jun-09.

MPs lobbied by Landsbanki savers

Savers who lost money when the Guernsey branch of the Icelandic bank Landsbanki collapsed last October are planning to lobby UK and Commonwealth politicians. . . .

. . . Expat saver Mark Ashby said: "It is truly incredible that affluent Guernsey is still the only country in the world that has refused to help stricken savers in any way.

"It has benefited greatly from a flourishing finance centre for many years but when something goes wrong it doesn't want to know."   28-May-09.

Dutch gov’t pays 106 mlllion euros to Icelandic bank depositors

BRUSSELS, — The Dutch government paid 106 million euros (147 million U.S. dollars) to Dutch individuals and local governments who deposited money with the now bankrupt Icelandic Internet bank Icesave, Radio Netherlands reported on Thursday. . .

. . . The figure was given by the Netherlands Court of Audit, an independent body charged with monitoring the collection and spending of public funds. This was higher than the Dutch Finance Ministry’s estimate of 92 million euros (128 million dollars). darithdeng website -22-May-09.

More funds for victims of Landsbanki crash

Saver [sic] with Landsbanki in Guernsey will receive a further payout of 15p to 25p in the pound this August, Deloitte, the bank's administrators, announced last week.

Account holders have already received 30p in the pound – nearly a third of their savings that were frozen when the bank went into administration last October.

Rick Garrard, a joint administrator at Deloitte, said: "Based on information available, the eventual payout to customers and creditors of the bank will be between 68p and 89p in the pound."   12-May-09.

Repeats of Press Association's Report on Landsbanki Guernsey Savers' Payout

The Press Association's story, published below this entry, has now been picked up and run by a wide range of publications, including:

Collapsed bank Landsbanki Guernsey's customers could receive 80% of money back - Daily Mail website - 08-May-09.

Part payback for tax haven savers - Scotsman website - 08-May-09.

Bank customers 'may get money back' - AOL Money - 08-May-09.

Joint Administrators of Landsbanki Guernsey Limited release second interim report to creditors - Business Credit Management UK - 09-May-09.

Bank customers 'may get money back'- Virginmedia website - 09-May-09.

 Savers who lost money through Icelandic bank 'to get 80 per cent back' - Daily Telegraph website - 09-May-09.

.Landsbanki Guernsey depositors ‘can expect most of their money back’ - The Guernsey Press website - 09-May-09.

Bank customers 'may get money back' - Channel4 News website - 08-May-09.

 Bank customers 'may get money back' MSN Money website - 08-May-09.

Landsbanki savers' payment hopes - BBC News website - 09-May-09.

Bank customers 'may get money back'

Savers who lost money through the collapse of the offshore arm of an Icelandic bank could get up to 80% of their money back, the administrator said.

Deloitte said savers in Landsbanki Guernsey, which was part of Iceland's second biggest bank Landsbanki, and other creditors of the group should get back between 70p and 80p for every £1 they had lost.

The group added that it was also planning to make a second payment of between 15p and 25p for every pound people were owed in August this year, although the money is dependent on a payment from Heritable Bank, which was also owned by Landsbanki, and the recovery of certain loans. 08-May-09.

Swine flu postpones demonstration

Savers who lost money in the collapse of the Icelandic bank Landsbanki have postponed a planned demonstration in Guernsey because of swine flu.

Depositors from around the world were to have taken part in the demonstration over compensation next month.  05-May-09.

Visions of Johanna

THE Social Democrats emerged as the big winners of Iceland’s election on April 26th. Their coalition partner, the Left Greens, also did well. The big loser was the Independence Party, which for the first time in 18 years will not be in government. The prime minister will be Johanna Sigurdardottir, an openly gay former air hostess who has held the job in an acting capacity since the previous government gave up in January. . .

. . . The government has yet to finalise all of the terms of its $2.1 billion loan from the IMF, pending an audit of the banks and its own budget. Negotiations with the British and Dutch governments over repayment of the $5.8 billion still owed in respect of Landsbanki’s Icesave depositors are deadlocked. The projected debt from the IMF and Scandinavian rescues, combined with Icesave’s obligations, will exceed $11.1 billion, roughly equal to Iceland’s GDP in 2007. So the budget, when finally presented, is likely to contain some swingeing spending cuts and tax rises. Economist website - 30-Apr-09.

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