Landsbanki Guernsey Fiasco

States of Guernsey, Policy Council & Chief Minister releases and Statements

This page holds all the releases and statements made by the Policy Council since the 3rd october 2008, just prior to Landsbanki Guernsey's Administration on the 6th October 2008.

Where it is felt necessary comments will be made on the statements and releases.

Latest release will be at the top of the list (it will take time to populate the list). Anything written in italics are comments from this website.


Reports index

 Statement or release heading Date of release Released by   Comments

Chief Minister Lyndon Trott, open letter to the Guernsey Press. LGDAG Comments.


26th September 2009

Chief Minister

Also contains Guernsey Press article on Times write-up

Guernsey Government had received critisism from National newspapers that they were doing nothing to assist Landsbanki Guernsey Depositors (Quite true). The Chief Minister obviously felt that he needed to respond on the matter. As you will see from the reports and letters below, Guernsey's Government has little say on the responses that go out. Most are instigated by the Chief Minister and all are totally defensive and say how much Guernsey's Government are doing and how the landsbanki Depositors are always misleading in their statements. The Chief Minister never tells you exactly what they are doing and they never answer any questions in a transparent way.
Chief Minister's Press release after Iceland trip 10th August 2009

Chief Minister


The Chief Minister went to Iceland on the 6th August 2009 for 3 days after much pressure from the LGDAG that he was doing nothing, around the same time he had realised that the UK Treasury had been leading him up the garden path and placing their own interests ahead of those of both Guernsey and the Isle of Man

‘We dealt with the issues of fairness and equality in a robust but diplomatic way. All meetings were cordial and constructive with understanding for the position of Guernsey as an island jurisdiction.

Chief Minister's open letter to Guernsey Press & LGDAG reply 3rd August 2009

Chief Minister


An open letter to the Guernsey press by the Chief Minister after pressure by the LGDAG that he had been doing nothing for the past ten months, and if he had it was a secret to everyone but himself. The LGDAG immediatly responded and that letter is also on the link
Chief Minister & Policy Council running log

From Tues 14th October 2008 to 4th march 2009

Chief Minister's Office The Chief Minister and Policy Council started a running log on the Guernsey Government website, but interest seemed to wain as their numer of failures increased and that log seemed to die a death on the 4th march 2009. In fact nothing has been heard from the Chief Minister on the landsbanki Guernsey Fiasco since his visit to iceland at the beginning of August 2009.
landsbanki Depositors Q&A's from second meeting with Chief Minister 7th January 2009 Chief Minister's office

This meeting followed the same format as the first with a list of questions submitted prior to the meeting, unfortunately the meeting also followed the same format with the Chief Minister reading out all his written answers and allowing very little in the way of secondary questions. He also opened the meeting, taking great pleasure in reading the conclusions of the promontory report. Of course we now know just how meaningless that report was.

Landsbanki Depositors Q & A's from meeting with the Chief Minister 24th November 2008 Chief Minister's Office These were the written responses to a list of questions that we had sent in prior to the meeting. The meeting really mainly consisted of the Chief Minister reading out the replies that he had written very few satisfactory answers were received to any of the questions.
Chief Minister's letter to the Landsbanki Guernsey Depositors Action Group 10th November 2008 Chief Minister Lyndon trott

.......As you will be aware, the Government of Guernsey has on a number of occasions made clear its concerns on behalf of Landsbanki depositors. I can assure you that my colleagues and I are working on a number of fronts in order to do all we can to support depositors in securing the best possible return..........      Makes a big deal of threats received

Deputy lyndon Trott, statement to the States

29th october 2008 Chief Minister Lyndon Trott

.........I was very pleased to receive the Icelandic Finance Minister’s (Arni Mathiesen) personal assurance that we would receive a formal response very soon, as would the Financial Services Commission. In a further gesture of goodwill the Finance Minister gave me his personal mobile phone number and accepted an invitation to visit Guernsey at an appropriate time. He never did get a proper response all he got was his telephone number. We never heard again from the GFSC.

Policy Council release 15th October 2008 Policy Council Policy Council liaises with UK Treasury who agree to represent Guernsey in negotiations with Iceland, From then on they led Guernsey and the Isle of man up the Garden path placing their own intersts ahead of those of Guernsey and the isle of man. Of Course Guernsey fell hook, line & sinker for it, to the detriment of the Landsbanki Guernsey depositors.
Chief Minister Statement 9th October 2008

ChiefMinister Lyndon Trott

A panicky release by the Chief Minister trying hard to explain the actions of the GFSC and directors of Landsbanki Guernsey and how good they all are.
Policy Council release 3rd October 2008 Policy Council Without doubt this is a release by a group who are panicking and need to get a statement in the Public Domain. What a coincidence Landsbanki Guernsey goes into Administration four days later on the 7th October and the meeting they have called for with States members is lunchtime the day before (6th Oct 2008) and one of the feelers put out to that meeting, "if a bank should go down, do we use taxpayers money?" We've been told no one was aware at that stage !!!!!!