Depositors are now organised
Friday 31st October 2008, 1:00PM GMT.
FURTHER pressure must be put on authorities to recover customers’ missing money, according to the Landsbanki Guernsey Depositors’ Action Group.
It welcomed Chief Minister Lyndon Trott’s statement in the House on Wednesday as the first tangible action on behalf of the States and the Guernsey Financial Services Commission to recover the remaining 70% of their money.
Matthew Dorman said that while the group appreciates the efforts of Deputy Trott and the GFSC, it feels further advances must be made quickly in light of current financing negotiations between Iceland and the IMF and the potential of UK loans.
‘We are discussing with our advisors the most effective route of recovery of our savings and look towards meeting the GFSC, the States of Guernsey and UK Treasury to further outline our claims and objectives,’ he said.
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Mathew Dorman
Why do you appreciate the efforts of Deputy Trott and the GFSC? Had they been doing a proper job in the first place then nobody would be in this situation. A lot of things are being said for the sake of bringing peace of mind. Typical Guernsey stance on things. Buy as much time as possible to achieve absolutely nothing and hope something bigger will come along to shade this out. If not create a smoke screen and hope all will be forgotten. It is high time blame is laid at someones feet.
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Paul, Here’s your answer:
1. The GFSC for permitting an Icelandic bank that none of us had ever heard of to acquire the savings deposited in the Guernsey operation of the Cheshire, a UK building society that has traditionally been considered as safe as houses.
2. Depositors, such as myself, for not closing our accounts the moment we were informed that our hitherto-secure savings had been transferred to an obscure non-UK banking entity.
3. The States of Guernsey for not exercising adequate supervision and control over the GFSC’s bank licensing policy, as is surely its duty.
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Well done Mr Ashbey.
Three good points. Points 1 and 3 certainly need examination by an independent review body, to be appointed by the States and not the GFSC.
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Mr Ashbey
Read your letter to the Press with interest.
I fail to see wht the Guernsey taxpayer should fork out to depositors who as you say on this thread should be blamed
“… for not closing our accounts the moment we were informed that our hitherto-secure savings had been transferred to an obscure non-UK banking entity”
I do agree that the GFSC needs investigating and that investigation should not be set up by the body that needs close investigation.
It’s just barmy to allow a body with much to answer to organise the investigation into itself.
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Mark Ashbey
Your summing up is word perfect! We have all worked out where the problem lies so why not start legal proceedings? Is it a case that we are all too skint? Maybe we fear that our local system (PLC) will look at our non existent legal aid system to answer for them?
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