Landsbanki savers set to get further 25% of money back
Friday 7th August 2009, 2:00PM BST.
LANDSBANKI depositors will shortly receive a further 25% of their savings, the failed bank’s administrators have confirmed.
Rick Garrard and Lee Manning announced on the Deloitte website that they are now in a position to make a second part-payment to savers.
Non-depositor creditors will also receive 25p in the pound of the amount due to them from the bank at the time of administration.
Depositors welcomed the news yesterday.
Landsbanki Guernsey Depositors’ Action Group spokesman Neil Dickens said: ‘We are grateful for the work the joint administrators have undertaken so far, as well as work undertaken by court-appointed members of the Independent Creditors’ Committee.
‘The past 10 months have been brutal for many local savers with the bank. Local depositors have vowed to not stop fighting until Guernsey people are treated the same way as savers on the mainland.’
Depositors have now received 55% of their savings back and Mr Dickens said the LGDAG would now boost its fight for the remainder.
Chief Minister Lyndon Trott has this week been to Iceland to explore more ways savers can be helped.
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Hooray, great news, we’re only 45% away from the moaning stopping now.
Hopefully we’ve all learnt something about risk, banking and personal responsibility along the way.
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Mrs p
Do you take pleasure in seeing these people loose their money? i`m betting you hope they dont get it back as it seems to me you think they deserve it for some starnge reason. You cant wait to point out how clever you are in the world of finance but not everyone is aware of the risks, Its not as if when you put your money into a bank there are warning signs everywhere. Just to be clear i have never had any money in this bank but understand how many of them must be feeling. To just call them moaners is a bit harsh.
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Yes hooray I think those of us that didnt deposite with Landsbanki are sick of reading about it
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Mrs P – shame you’re approx 100% away from having some compassion. Just remember, what goes around….
John – You’re sick? Say no more….
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bcb – of course they are moaners. They appear to be completely unpleasable and unrealistic.
Another 25% back this week but are they happy?
No, it’s been another Trott bashing – not that I wouldn’t normally enjoy that you understand – but just not in this case. In trying to help he’s flown out to somewhere where rotten shark’s flesh is likely to be on the menu, what more can you expect?
Some of the sums of money involved here from so called ‘poor’ pensioners would be an embarrassment discussed in the company of those for whom the state pension is their only income.
In addition there are many cases where the losses are from successful people, landlords, businessmen etc and where they have lost £100,000+ not only should they have known better not to put all their eggs in one basket they should also be wise enough to know Guernsey is not in the position to support savers in the same way as the UK does and never will be. Contrary to popular belief I’m not a narcissist but I’ll quote myself from a comment that ended up buried in the great Thisisguernsey comment cull Of Summer 09.
“The money used in both the ‘bailouts’ and the funds to pay off savers in the bankrupt banks came one way or another by issuing debt and hence devaluing the issuers currency.”
The UK was at it again yesterday actually, conjured another £50 billion into existence to prop up the UK economy, risky stuff but reinforces my view that all fiat currencies fail and ours is failing right now. A depositor protection scheme is meaningless in the face of complete financial armageddon.
Get your cash out of Sterling, Dollars, Euros etc and into Rhodium* if you want to preserve your wealth.
*This is my view only and not to be used as financial advice.
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I just wondered what a picture of the Chief Minister with the Icelandic Finance Minister had to do with a statement issued by the Landsbanki Guernsey Depositors Group regarding their payment
of 25% when that was all down to the Administrator and had absolutely nothing to do with the Chief Minister whatsoever. Will we ever really learn what he was actually doing in Iceland? We all assume it’s to do with Landsbanki!
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MrsPinthepantry
Get your cash out of Sterling, Dollars, Euros etc and into Rhodium* if you want to preserve your wealth.
*This is my view only and not to be used as financial advice.
That will help to push your share prices up, hope your posting this to a much wider audiene for maximum effect.
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Ah yes, Rhodium.
Fell from a high of $10,010/oz in mid 2008 to a low of $760/oz in November. Now stands at around $1,550/oz.
Exactly the right risk-reward profile to suggest to people as an alternative to keeping their savings in a bank or building society, eh?
http://www.kitco.com/charts/rhodium.html
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Hi Susan,
Nice synopsis of the current situation, great to have a fellow Rhodium supporter on board. Wow what a ride we’ve had eh?
Take it you sold out sometime last summer too? The 6 month chart looks really exciting at the moment. I’ve been buying again at over $1,000 and probably will carry on up to around $2,000, depending on the ratio against Platinum of course. What entry/ exit points are you looking for? Do you want to come to the next teaparty?
bcb – I don’t own any shares that have any exposure to Rh. my exposure is purely in the physical metal. Some of us on here were criticised for making our opinions on Landsbanki purely using hindsight. So now I’m trying to warn you about something much more serious in advance, if you choose not to listen it’s up to you. Of course Rhodium might not be the right way for you personally to proceed, copper or nickel bars might be more your style if you have the room! But continuing to hold your life’s work in a debt based currency, even worse in an electronic form, even worse deposited in a system which is now only ‘working’ due to extreme Government interference, with a bank that has an impossible to penetrate balance sheet and dubious accounting practices after all that has gone on in the last 2 years has to be a mistake.
Or maybe you actually believe that all is OK out there in fiscal lala land and that Gorden Brown and chums are really heroes and geniuses that have saved us all?
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MrsPinthepantry
I certainly dont think everything is ok in lala land and brown should be ashamed of what he endorsed in the city of thieves (at least we in part agree on that bit).
You really dont need to warn me of anything as i`m capable of doing my own research, also taking tips willy nilly is a sure way to loose your wealth, tipsters come ten a penny as i`m sure you know.
I like the sound of gold at the moment esp when this worthless paper money becomes just that. I was thinking of shorting the dollar against the Guernsey pound, what do you reackon? :(
p.s.
any investment advive given through a message board should be taken with a very large pinch of salt
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I bought a Rhodium once. No one told me yous had to feed it
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Gary Blachford’s is the only really relevant posting here.
It’s clear that Trott wishes to be associated with a second payment from the administrators, Deloitte. Lord knows why he has gone to Iceland, perhaps just for a little trip at the Guernsey taxpayers expense. Having been revealed to have done effectively nothing whatsoever apart from refuse to substantiate his claims at behind the scenes negotiations, he now would have you believe he has in some way contributed to this latest payment.
We look forward to hearing exactly what he did in Iceland.
As for your Mrs Pants-in-the-Pinetrees, all heart isn’t she ??
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Just supposing the Guernsey taxpayer had forked out for compensation for Landsbanki depositors (as they were demanding so vociferously).
I wonder how many of them would have given us our money back now that they are receiving payouts from the bank’s administrators?
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CD: the depositors would have been required to subrogate their rights as creditors to the States to get the compensation. That’s the way all compensation schemes work.
In other words, the States would be the one receiving the payouts, directly from the administrators, so your question wouldn’t arise.
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CD – I think the idea of compensation is that where a government chooses to pay depositors directly in “compensation” (really in this case an early payment)any future assets realised by the failed bank would be paid to the government.
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I don’t like their ties. Brown is soooooooo 70s
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The CM has circulated a Press Release on his meetings with Icelandic govenrment reps
http://www.ifcfeed.com/guernsey-articles/Chief-Minister-urges-fair-treatment-for-Landsbanki-depositors.aspx
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Mrs P, I should stick to the rhodium until you have something more insightful to say on the Landsbanki scandal.
Is my mental picture of you carting carrier bags of cash backwards and forwards to do your rhodium dealing correct? Or do you in fact have a bank account? And despite your obvious sang froid would you not be even a little bit P’d off if the fortune you had made in rhodium dealing no longer existed?
p.s don’t remember the rhodium bit in the “Savings Advice for Pensioners”. Must be more careful next time.
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Hi MikeB! Great to see you here.
Actual ca$h? That dirty, crumpley folding paper stuff? Well sometimes in all honesty yes but not if I can at all help it. Still it’s better than the ephemeral electronic form…….
You probably don’t remember Rhodium being mentioned in your savings advice for pensioners because EVERYONE involved in the financial industry one way or another is taking a cut of your hard work as they simultaneously relive you of the control over your money.
At the moment I am preferring to hold physical metals, copper, silver, palladium, gold, platinum and rhodium as a basic hedge against the complete collapse of the western worlds debt based currencies. Equally as a further hedge against that taking longer than I think I do indeed hold bank deposited funds in GBP, EUR, USD (against my better judgement) and CHF. Additionally a couple of high yielding listed trusts give some income and I hold a significant portion of my portfolio in index tracking ETF’s of countries that I consider to have a strong manufacturing/ mining/ trade position relative to us, namely Brasil, China, India etc.
All of this is designed (but not guaranteed) to try and protect me from inflation and give a future income.
Takes about 1/2 an hour each week to keep an eye on but pretty much runs itself and has to be much better than putting all my eggs in one basket or rather putting it all on red – like those most vocal with their Landsbanki losses seem to have done.
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MrsPin.
Stirring outrage or genuine belief, the world has changed. None faster than the financial services. Whilst that has evolved hyper rapidly, the real world of petty transactions and traditional, slow expectations of reward is still absolutely normal for most of us.
When the processes that ballooned into meltdown began, or was noticed becoming a fledgling market, the deposit takers should have explained the risks. How could anyone make the choices you have suggested without knowing how it works?
The rates banks offer are not the same as NAVs etc. They are the shop window to attract real money, to give an impression of the ‘old fashioned’ marketing success of ‘safety and reliability’.
There used to be two main choices when you had surplus wealth: leave it safe somewhere or invest it using products to access other markets, leaving it to the judgement of so-called experts, or self taught logic, but aware that the results of your choices are completely dependent on the push/pull of consumption.
Too late, people are now aware that the ‘safe’ option does not exist, it may well not have existed at all, just that the rules made it more probable.
Vital investor information about the company was obviously deliberately hidden from either sight or relevance, or it was irrelevent when following internationally accepted accountancy rules, from regulators and clients.
If a Fund you were invested in suddenly flopped and you discover the cause is a previously unknown about technique – now explained as a highly complicated, illogical abstraction, wouldn’t you cry foul?
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Arnald
some very good points, but mrs p seems to think it better to blame the average joe public who in the main know very little about the financial word and its thieving practises rather than the scumbags who wouldn`t give you the time of day.
put them up against a wall and shoot em.
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Hi bcb! Hope all is well with you and yours.
I’m not blaming anyone for anything but we’re not really talking about your average Joe Public here are we? There is a very strange financial, or dare I say it class divide, in action here on this forum………….
On the one hand we are supposed to feel sorry for the so called ‘poor’ pensioners that somehow have made a clear £50,000+ in ca$h and placed their money, however ethically or otherwise they made it in the first place, in a risky institution ……. BTW Isn’t one of the most vocal of the losers a commercial landlord? Have you seen how they exploit the poor tenants? Why you might have even read about them recently in the Press!? Even though they should have known better they have lost their funds because of ignoring all the warning signs that a flaky foreign bank was flagging up. Now they all want their money back, but it’s very possibly at our expense.
On the other we have the actual poor pensioners living on the breadline that must surely view the sums of money these individuals have tied up here as completely vulgar.
I don’t know about you but I’d rather my taxes supported the fabled Mrs Le Prevost and helped pay for the central heating in her dotage than merely pay back rich gamblers.
Talking of which I’m off to Monaco for a few days, bcb I’ve heard Baccarat is a fun game with great returns, I’ll throw any cash I happen to win at your Christmas pressie but don’t expect very much……
Mwah!
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MrsPinthepantry
Haha funny thing is i happen to agree with most of what you say. But i have never felt you have made any attempt to show any compassion for the exact people you just referred to (some are old pensioners with perhaps very little money) and no i dont want to give ANY of my taxes to those who should have known better, but lets not speak of them all in the same light (moaners).
Mr P will suspect somthings going on so leave out the pressy
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