‘Leaving money here is too great a risk’
Saturday 11th October 2008, 9:30AM BST.
IT is not worth keeping money in banks in Guernsey, according to a financial controller who has moved his elsewhere. Nic Guillou (pictured) said doing so might have some benefits, but they were outweighed by the lack of safety.
‘The interest rates here are not that especially good, so for not a great deal of benefit why keep your money here without security, without a good protection scheme,’ he said.
He has taken his money out of banks in Guernsey and put it into National Savings & Investments accounts. ‘Because it is backed by HM Treasury,’ he said.
He said he has been pleased with the service he received in Guernsey banks, but that was not the point. ‘I was born in the island and I have worked hard for cash. I don’t see why I should be put at risk for keeping my cash here,’ he said.
‘The key thing is real people live in Guernsey, not just millionaires, and wherever they work – whether it’s inside or outside of the finance industry – I don’t see why they can’t have a similar level of protection as in other jurisdictions.’
He said the lack of a protection scheme greatly disadvantaged Guernsey’s international position.
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It is difficult to argue with his logic.
The GFSC has to act immediately, not hope for the best.
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Too right mate!!
GUERNSEY… ”A safe place to deposit funds with a government that is ready to protect and serve the depositor…” Ummmmm. Yeh. Right!!
I choose IOM.
…See the following article at the link below if you want to know how the Landsbanki affair should really be handled in Guernsey… The folks in the IOM obviously do their best to stand behind the honest investor and their DFS is very much up and running, effective and in place!!
http://www.iomtoday.co.im/politics/Isle-of-Man-pledges-action.4580891.jp
Yes! A different governments aproach to a very similar recent bank failure.. AND a BETTER one!
BYE BYE Guernsey!! You don`t ffer me the type of security I need for my savings…AND.. judging by the lack of action on your governments part, you care little for the fact the the banks that operate on your soil live up to their comitments to their hard working and trusting depositors!!
Good for you IOM Government!!
It will be the IOM for my savings every time….
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I have potentially lost a large chunk of my retirement savings and for Peter Niven to say that he doesn’t think this fiasco will harm Guernsey just takes the biscuit.A deposit protection scheme even if it is brought in will probably be too little and certainly too late.
I am looking into moving the rest of my savings to the IOM and I would think a lot of other expats especially ex Guernsey residents like myself will be doing the same
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My parents have lost a huge proportion of their life’s saving.s They have both worked for 40 years, invested their money in a reputable english building society in Guernsey..that was then taken over by Landisbanki with approval from the Guernsey Financial Service Authority.
There’s a campaign starting soon.. “get your money out of Guernsey – it’s not safe” and there’s one place that will now benefit.. The Isle of Man.. they amended their depositors guarantee upwards (albeit a day after a bank went into receivership) and what have the Guernsey government done.. NOTHING
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Unless the current Landsbanki Guernsey situation is settled to the satisfaction of the depositors, ie 100% of their money back, Guernsey is finished as a banking centre.
The Guernsey Financial Services Commission allowed this bank to advertise and promote themselves as a safe haven for our money, and all the time they (GFSC) knew that something was going badly wrong.
The Guernsey regulators should be ashamed of themselves. I feel sorry for the people of Guernsey – where will they put their money now?
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Landsbanki customers were full aware there was no protection scheme when depositing their funds locally.
Why then should they now demand compensation, especially those depositors who live abroad and are using Guernsey as a tax haven, and contributing nothing to the island. except maybe nice bonuses for the bankers.
I did my homework and like Nic Guillou put my savings with National Savings where it is totally safe, albeit at a lower rate.
Now why didnt others think of that.
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