Landsbanki savers face years waiting for their money back
Tuesday 10th February 2009, 11:33AM GMT.
IT could take three or four years for Landsbanki Guernsey’s administrators to recover the bank’s assets, it was confirmed yesterday.
An informal creditors committee set up by the bank’s depositors yesterday held its second meeting with the administrators.
And member Matthew Dorman (pictured), also a member of the Landsbanki Guernsey Depositors’ Action Group, said administrators Rick Garrard and Lee Manning, from Deloitte and Touche, had made good progress in their efforts to recover the bank’s assets, but it would take a long time before their job was done.
‘Firstly, it’s clear that the administrators are doing a very good job,’ he said. ‘But it’s going to take some time. It might take three or four years – that’s the time frame we are looking at.’
The creditors’ committee was formed last month on the suggestion of the administrators who wanted to have a group in place so that they could feed back information to creditors as and when it became available.
Depositors voted on whether to form the committee and then selected its members.
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Glad to hear that someone is doing something.
Thank you.
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Oh! Are your savings as safe as you think?
Because of a “Guarantee” posted on the Landsbanki Guernsey web site, I decided to deposit funds in a Guernsey account with that institution last year.
Now. Having realised that this “guarantee” was obviously not worth the pixels which it took to create on the banks web site.. I urge you to learn from my bad experience…
** To anyone with deposits in Guernsey **
DO NOT BELEIVE SUCH GUARANTEES!!
The failure of Landsbanki Iceland to live up to their Guarantee and the failure of the GFSC to have them do so clearly indicates that Guernsey is simply NOT a safe place to deposit funds.
Have a think about it.. But do not take too long to decide.. Lest like I.. Next time to log onto the banks web site you`ll find a notice advising you that your bank / building society has been put in administration too!
And.. IF still confident in Guernsey as a safe haven for your deposits… read the SMALL print found in the GSFC GBP 50, 000 compensation scheme..
And later this year.. Do not say I did not warn you!
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Steve -The UK Expat
I agree with what you have written. Furthermore on this so called £50, 000 guarantee. Our states are pretty much skint now. We are looking at borrowing to pay for large capital projects.
If another bank was to collapse would the GFSC or the states borrow to honour the scheme?
Like hell they would. All would be treated exactly the same way as the landsbanki savers.
Save to be skanked.
Anyone that has any large amounts of money need to think long and hard where they put it. Guernsey should be at the very bottom of their list. After all it is no better than a bookmaker.
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What a big surprise ” On the Guernsey Chamber of Commerce ” website, the advantages of dealing with Landsbani Guernsey is still being promoted.
__*****”All this means that when you bank with Landsbanki Guernsey you can rest assured that your savings are in a safe place.” THIS IS ONLY A VERY SHORT PIECE OF THE GLOWING EULOGY GIVEN BY THE GUERNSEY CHAMBER OF COMMERCE on the website..
This would seem to vindicate depositors that we failed to take proper care and due diligance in this matter.
I suggest that the mart Alec’s who have been belittling depositors, take a look on this site where the item IS still running over four months since LG was placed in Administration.
So much for a well regulated administration when the Guernsey Chamber of Commence obviously gave Landsbanki Guernsey their blessing.
SPRINGBOK.
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Hi SPRINGBOK!
Take heart! You must have hit a raw nerve :)
Someone read your post and took note of what you wrote concerning the info. you mentioned as having been available on the Guernsey Chamber of Commerce website…
I just took a look and found that the Landsbanki info. has been removed.
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