Protection ‘by end of the year’
Thursday 9th October 2008, 11:30AM BST.
A SCHEME to protect bank deposits held in Guernsey could be in place by the end of the year. The lack of protection has been exposed with Landsbanki Guernsey being put into administration, leaving people unsure if or when they would get their money back.
Treasury and Resources minister Charles Parkinson (pictured) chaired the first meeting yesterday morning of a technical group formed to devise a scheme for Guernsey. In a fast-moving day, he called off media interviews in the afternoon to go back to Frossard House for meetings.
But in a statement he said: ‘I’m prepared to do all I can to get a depositors’ protection scheme in place by the end of the year, Our meeting today was very constructive and we have already identified possible ways forward for a bank-funded scheme.’
The meeting involved senior figures from the Association of Guernsey Banks and the Guernsey Financial Services Commission There was agreement in principle about the introduction of a scheme and legislation is now being drawn up.
Firm proposals should go before the States next month.
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Hopefully CP’s meetings this afternoon include some positive debate on next steps regarding Landsbanki
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Disgraceful! How fortunate the Icelanders are to be allowed to get away with what to some might readily appear to be “daylight robbery”..
How can the Guernsey, (or for that matter the UK) government simply sit idly by and allow a foreign country to effectively close the doors of a bank on our soil and simply turn away depositors requests to withdraw funds which had been deposited with that bank in response to advertising describing it as no less than secure and succesful right up to the moment the locks were turned.
Are you going to allow this bank to effectively take peoples life savings from them without even a fight?
Stand up and get us our money back!
Wake up and take a wider look at the fall out that will occur from this dreadful situation unless it is promptly and properly handled…. Do you really beleive that anyone is going to regard the channel islands as a safe place to deposit their hard earned savings if you let this bank run away into the night with the monies of others? Many of whom are UK nationals now expatriates… working overseas and left..it seems.. without any support.
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