Landsbanki savers look to form creditors’ committee
Friday 16th January 2009, 2:29PM GMT.
Lee Manning and Rick Garrard.
LANDSBANKI GUERNSEY’S administrators will meet depositors on Tuesday to discuss putting together an informal creditors’ committee.
It is believed the failed bank’s customers from all over the world will attend to vote.
Rick Garrard and Lee Manning of Deloitte and Touche are in favour of forming such a group.
It would consist of up to five depositors and an advocate, appointed by the administrators, to advise them.
If depositors do wish to create a committee, members would be voted in during Tuesday’s meeting and be asked to represent the views of all depositors in future discussions with the joint administrators.
Two local advocates, Jeremy Wessels and Ian Swan, had originally offered to represent depositors but the former had to pull out and the administrators then decided it might be preferable to form an ICC.
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As a Jersey pensioner who entrusted part of my life savings to Landsbanki so that the interest could supplement my pension, every bit of news that may help to hasten the return of everybody’s money is welcome. My thanks to the Administrators and to the Landsbanki Guernsey Depositors Action Group who are working so tirelessly to make sure we are not forgotten. If it were not for the Group’s support it would be easy to despair as we read that most UK individual victims of the Icelandic banks’ collapse are being compensated and can now stop worrying.
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Eileen L
Whilst feeling sorry for the depositors in LG, it must be remembered that you invested (sorry deposited) in an island that had no deposit protection scheme.
Uk and Isle of Man depositors had a depsoit protection scheme in place. That is why they can stop worrying.
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May I say a couple of things in response to Stephen John’s comment on my original response to the Landsbanki article above. If he checks his facts he will find that Isle of Man depositors in Icelandic subsidiary Kaupthing are just as concerned as we are as they do not benefit from a depositors’ protection scheme either.
Nor do Jersey citizens have such protection and Channel Islanders are not eligible to bank in the UK so what do you suggest I should have done ? Kept my savings under the bed, perhaps, drawn on them in the absence of interest, and asked for State benefits when they were exhausted ? Not exactly the way I was brought up to think some 70 odd ears ago.
Until very recently, a bank was considered to be a place to put your money for safekeeping. You seem to imply that my own foolishness is the cause of my current anxiety. You may be sure that I have already blamed myself for the naivety that led me to believe in the AAA rating that Landsbanki Island hf enjoyed from the top rating agencies at the time, and the well advertised promise from this bank that it would discharge any liabilities that its subsidiary was unable to do from its own funds. But then, what else can you expect from an old woman !
The astonishing thing is that so many sophisticated professionals were taken in too…..
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“Uk and Isle of Man depositors had a depsoit protection scheme in place. That is why they can stop worrying.”
No, UK depositors can stop worrying because of GOVERNMENT ACTION, choosing to protect 100% of deposits regardless of the protection scheme rules under which people invested (sorry deposited).
As for IoM depositors, look up the Kauthping IoM depositors website and see if they’ve stopped worrying…
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I recall the Treasury Minister, Charles Parkinson, stating that if the administration of the Bank had not been completed by the time deposit protection had been introduced in Guernsey, depositors in the Bank would be technically entitled to repayment of £50,000 under the new scheme. He went on to say that he was sure the administration would have been completed long before then. Was he wrong on both accounts?
Elizabeth Gauvain
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Eileen L
Landsbank a AAA credit rating….really ? Are you quite sure about that ?
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http://www.youtube.com/watch?v=r-09qkqKNk0
try this for size
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Elizabeth
Indeed, Parkinson said “If that occurred they would possibly be eligible, but I think in practice the bank will go into liquidation long before January”.
http://www.thisisguernsey.com/2008/10/24/landsbanki-likely-to-be-liquidated-before-protection-comes-in/
The LG Administrators have said they consider such statements by States of Guernsey members as “potentially damaging to the prospects of depositors and other creditors.”
http://www.deloitte.com/dtt/article/0,1002,cid%253D229210,00.html
Was he wrong on both counts? I’d have used a different word than “wrong”….
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You’re really struggling for a storyline. Time to drop the dead donkey?
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For those depositors who have seen the You Tube invitation, TAKE IT UP!!!. This young guy is doing his best to get maximum publicity for your plight…….so Jackie the donkey is not dead and never will be whilst there is fight left in people. If this issue is not of interest to you you do not have to read it, meanwhile the dead donkey may well be the Guernsey Finance industry’s reputation.
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The You Tube video is hardly the way to win friends, especially those whos help you seek.
Many will think it likely that such behaviour actually damages the credibilty of the LG depositors and not the reputation of Guernsey.
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I think the recent comment from Jackie to be very demoralising and quite ignorant. Savers with LG are very concerned, some have saved small amounts in comparison to others, but never the less, this potential loss is of great importance to them. There are many who feel that they cannot voice their opinions, some I am sure have not told their relations, some have their family inheritance tied up in this mess. The Guernsey government should be seen to be more pro active in helping. I do not suggest that tax payers money be used, but how come other jurisdictions have helped?
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Jackie I totally agree with your comments.
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I would just like to thank the Landisbanki Action Group for their wonderful hard work. They are working tirelessly for the benefit of everyone. Thank you, thank you.
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My comment was not about the spoof You Tube video, but a later one posted regarding the making of a documentary relating to this mess. I do not think pussyfooting about and being diplomatic will bear fruit now, so who wants friends? Justice will do.
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my heart goes out to all depositors of landsbanki.
I dont have funds of that amount to save but if i had id be heartbroken knowing they were lost and there was no states/government scheme to back them up.
It wasnt your fault for depositing or not researching, i know i wouldnt have known what to check out.
I sincerely hope you get the assistance you deserve
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jackie i hope your never in this position, your comment seems a little heartless
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Jackie, muzeek and Stephen John,
What lovely people, not!
No empathy at all, well they do say it takes all sorts. Probably never really lived, Guernsey through and through.
Keep fighting, never give up.
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Melissa et al, having reread my comment I’m big enough (still size 8) and old enough (under 35) to realise that it might have been taken the wrong way on what is an emotive subject. I withdraw from this topic and unreservedly apologise.
Good luck with you endeavours and I hope all of the depositors find satisfaction.
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Dear Jackie, Thanks for apologies … yes it is emotive if you’re too old to find work. In the past I’ve gone without ‘things’ to save … cheerfully, in order not to have the fear of the cold in my seventies.
Trust of our ‘leaders’ is dead. On SkyNews Prime Minister’s Questions today (21st Jan) Mr Brown andswered a financial question thus : “…ALL British savers have had their money back …” Judith B
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As some of th more appropriate Landsbanki threads are so dificult to recover I willl post here the comment of the new Head of FSA “Lord Turner, head of the City watchdog, said parts of the regulatory system were “seriously deficient”".
Contrast this with the comment of the reviewer of the GFSC performance in this case Michael Foot, who is on record as suggesting there was nothing really wrong with the regulatory system.
Doesn’t say much about the tick the box list used by Michael Foot in his GFSC report.
No guesses on which regulatory system the GFSC is based.
It’s now up to the LG depositors to capitalise on this.
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Landsbanki savers will get nowhere unless Guernsey Authorities get off the pot,stop pussyfooting and kick a few backsides where needed.
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