LANDSBANKI Guernsey administrators have submitted a claim for £81.9m. to the bank’s parent company.

However, it is understood that it could be about two years before Landsbanki Islands hf (the parent bank of the Guernsey subsidiary) is in a position to pay creditors.

When it bought Cheshire Guernsey Ltd and changed it into Landsbanki Guernsey, LIHF guaranteed to both the Guernsey Financial Services Commission and depositors that it would cover its subsidiary’s liabilities in the event of a collapse. The £81.9m. claim is the estimated amount of liability that Landsbanki Guernsey still has outstanding, having already paid out 30p in the pound to every depositor and creditor.

It is believed that Iceland’s government has recently put a moratorium on the bank, which states that no creditor can pursue the recovery of funds through the courts. It gives the LIHF resolution committee time to realise assets held by the bank.

In an interim report sent out to all depositors, joint administrators Rick Garrard and Lee Manning said the £81.9m. claim was based on the letter of comfort given by LIHF.