Payback starts for Landsbanki’s UK customers
Tuesday 11th November 2008, 1:00PM GMT.
UK LANDSBANKI savers have been guaranteed a 100% return of their money – but no such promise has been made to Guernsey customers.
The Financial Services Compensation Scheme has emailed account holders at Icesave, an online subsidiary of the Icelandic bank, stating payments will start next week in a phased process.
Landsbanki Guernsey savers are not covered by the UK compensation plan – and the island has no rescue scheme.
More than 2,000 depositors are owed £120m. but the only certainty customers have is that they will receive 30p in the pound – and it is unclear when they will receive that.
- CHIEF MINISTER Lyndon Trott has offered to meet the Landsbanki Guernsey Depositors’ Action Group to discuss their concerns – but on one condition. In a letter sent yesterday, Deputy Trott assured the group he would be happy to engage with them as long as discussions remained courteous.
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Why aren’t the States of Guernsey doing more to help small business with tax breaks as they are planning to do in the UK at the moment. For expample they are lowering the amount of social security payments that companies pay to the government for their employees. We should have something similar here to encourage the local small businesses during this credit crunch/recession.
On another note why don’t the States abolish stamp duty on the purchases of properties up to 300K as they are talking about doing in Jersey. People should not be hit with these costs on top of trying to buy a house. No wonder the market is stagnant. It is just so expensive even now in this uncertain climate. We need more help.
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How often has Guernsey been referred to as Jersey? I have given up correcting people and just smile at the error.
Jersey must be fuming that we are tainting their reputation.
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Steven
Read again what Teresa said.
She was suggesting Guernsey abolish stamp duty for certain properties – as they areb talking of doing in Jersey.
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Stephen John.
Teresa was commenting off topic. My comment was alluding to Landsbanki Gsy debacle. Jersey is responding decisively to the global financial situation to maintain confidence in the Island as a sound international finance centre and we are often mistakenly thought of as Jersey.
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I feel sorry for the people that lost money, but my attitude is who realy needs these banks?
I always assumed that if the banks went down all my debts would be cancelled and I’d get a free house.
I think we should let one or two of them collapse. Just to see what happens.
Why do we need banks anyway? I’m more than happy to pay cash for my lager and my cheese products. And the guy who sells me knocked-off Bulgarian pornography does not – and never will – accept Visa.
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I just wish to further add is it wise to attempt to cross a bridge that you have already burned? It would seem to me that after shooting himself in the foot our CM is happy to hop across. Maybe he would have been wiser to hav engaged his brain before opening his mouth! Looking forward to the outcome of this in a big way!
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How often has Guernsey been reffered to as Jersey, well forever as far as I can remember.
I was always asked on visiting the UK when I lived in Guernsey when I was going to back to Jersey.
It used to make me smile when Guernsey people went on about what people in the UK thought of them. The thing is most people in the UK think Jersey is the Channel Islands and never give Guernsey a thought.
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i feel very sorry for anyone that has lost money in this icelandic bank collapse, but it is the responsibility of the individuals that wanted the higher rate, not the taxpayer to bail them out. Also, it seems a bit rich for mr trott to ask for courteous talks after the barry brehaut incident.
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I thought the last sessions contempt for Joe Public was disturbing but this session just gets worse. Ok not as abhorrant as the Berry/Morgan/Langlois era admittedly but the cracks have already started and chatting to locals the islands mood is utterly depressed.
The recession and its effects shows the problems with the authorities. The GFSC is an expensive lame duck. “We predicted it 18 months ago” is a joke when the bank is still accepting deposits weeks before they file for protection.
What is the GFSC doing predicting things if it has no authority anyway? Why are the GFSC making people check customers birth dates and postcodes, to what Earth shattering end is such trivia important rather than invasive and onerous?
Compare Guernsey to Isle of Man or Jersey and we fall behind on almost any comparison. We look like ameteurs compared to Jersey on customer protection. The IoM not only gave foreign Co’s 0 tax but local companies too.
And this States just continues to show contempt for everyone local. Its time Trott & Co had some full on and frank home truths with disgruntled people… there’s many, onshore and offshore
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I moved to guernsey one about 8 years ago and my friend reffered to it as guersey for weeks, weird. On another matter if the bank’s goes bust you still owe the full amount as the debts are traded for less than what you owe, however webecome creditors and get back what the recivers can recover after they sell on debts very cheaply, as an idea a company bought 2.6 billion in debts recently for 242 million. less than 10%.
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