Landsbanki Guernsey

Depositors can only expect to recover between 85% and 91% of their deposits without Guernsey Government intervention

 

To date October 2012 depositors are still owed 15% of their money plus interest. 4 years from the date of the Administration.

Landsbanki Depositors continue fight.

 

The States of Guernsey still remain the only Government in the Western World to totally fail to assist their depositors. They remain in denial that this has actually happened to them.

  

The time line of the Landsbanki Guernsey Fiasco       

 

 

 

The top part of the Time Line below will run from the 1st October 2009 forward, in other words latest at the top.

Below will be the original historic line running from earliest at the top until 1st October 2009.

The Idea is that from now on latest events will be at the top.

          

Depositing Money in Guernsey, can seriously damage your wealth,

Ask any Landsbanki Guernsey Depositor

This is a new site

This is a new site and is still being constructed. It will expand over the coming weeks to cover the Landsbanki Guernsey Situation and keep relevent news on the front page. The links to "READ MORE" etc. will start working as the site expands. It will be here to criticise Government and regulatory authorities where that is necessary and its aim is to always print accurate fact on the current situation.

It is not connected to the main LGDAG site which should still be the first stop for all Landsbanki Guernsey Depositors, and where information and discussions cover every aspect of our problem.

 http://info.landsbankiaction.org.gg/

Chief Minister's photo usurps LGDAG Press release

The Guernsey Depositors Compensation Scheme

THE GUERNSEY FINANCIAL SERVICES COMMISSION

Site Administrators blog

 

 

 

          DEPOSITORS COMPENSATION SCHEME

A lot more will be said about this in the near future. Suffice to say it is totally insufficient and would not cover the headline figure of £50,000 of your savings, should another bank go down. 

 

The scheme is operated  by an independent Board which is seperate from both the Guernsey Financial services Commission and The states of Guernsey. They have a new website  at  www.dcs.gg 

 

 

    Quick Links

 

Colour coding will show associated subjects

 

27 November 2012 Deloittes latest report  updats final payment and progress in iceland. Also final payment unlikely befor the end of 2013, once icelandic litigation completed.
18th September 2012 Deloittes latest report (14th Sept 2012) made some interesting statements as to why landsbanki Guernsey Depositors will receive back less than depositors in other Icelandic Banks. 1) Because of upstreaming of Funds. 2) Because of a lack of Governmental support. 3) Because there was no Depositors Compensation Scheme in place.  This statement appears to lay part of the blame at the door of the GFSC and this Link  takes you to those comments.
14th September 2012 Deloittes latest update  
15th August 2012 Expat Money Watch website makes comment on landsbanki Guernsey.  
9th July 2012 Deloittes latest update. 
1st March 2012 The Guernsey Jersey Brussels office now has it's own website 
16th January 2012 Deloitte latest update.
13th January 2012 Letter to Press on Guernsey Depositor Compensation Scheme.
30th November 2011 Ernst & Young produce a review of the GFSC, depositors disagree with a number of the comments with regard to how Landsbanki Guernsey was handled by the GFSC
30th November 2011 Deputy DeLisle questions the Chief Minister Lyndon Trott (Audio)  in the States Assembly regarding what Guernsey's Government have done politically for the landsbanki Guernsey depositors since his visit to Iceland in August 2009. Deputy Trott's reply is long and rambling but boils down to, nothing!
4th November 2011 Guernsey Press report on the LGDAG reaction to that ruling and a response from the Policy Council to LGDAG Comments
3rd November 2011 Guernsey Press report on the Icelandic Supreme Court ruling
2nd November 2011 LGDAG issue a media statement regarding the findings of the Icelandic Supreme Court, statement by matthew Dorman
31st October 2011 DeLoittes have placed an update on the rulings of the Icelandic Supreme Court. That ruling appears to leave the Landsbanki Guernsey depositors as ordinary creditors who will probably receive nothing, agains the UK Councils who have been made priority creditors and be repaid
24th August 2011 DeLoittes have placed an update on their site regarding the current situation in iceland regarding the legal action being taken by lawyers on behalf of the landsbanki guernsey depositors. It is ongoing and has spread out into a number of directions.
25th January 2011 DeLoittes, the Liquidators of Landsbanki Guernsey publish their report on the Commissioner's meeting held in the Royal Court Guernsey on the 19th January 2011
19th January 2011

The Landsbanki Guernsey Liquidators Commissioners meeting held at the Guernsey Royal Court in which the Liquidators suprisingly announced that they were in a position to pay Landsbanki Guernsey Depositors a further 17.5%, making a total return of 85% around 7th Feb 2011. Objections were also raised at the same meeting by two depositors regarding the FOREX and their inequitable treatment.

The Guernsey Press gave a good report on the proceedings

15th January 2011 Two former senior executives of Iceland's failed Landsbanki bank have been arrested over allegations of market manipulation.
Ex-Landsbanki chief executive Sigurjon Arnson and Ivar Gudjonsson, the bank's former head of corporate finance, were ordered to be detained in connection with the institution's collapse.
17th December 2010 UK Financial Services Authority Press release, that the Depositor Compensation will rise to 100,000 Euros (approx £85,000) as from 31st december 2010. Contrary to what the Chief minister told the Guernsey states at the depositor Compensation debate at the end of september 2010.
16th December 2010

The European International Monetary Fund group (IMF) produce their report on Guernsey. This is a 600 page report split into various sections. The comments that will be of most interest to most Landsbanki Guernsey Depositors and Guernsey retail banking depositors have been selected at the following two links.

1) The Guernsey Depositor Compensation Scheme

2) Comments on the Guernsey retail Banks & GFSC

15th December 2010 Guernsey Gazette Officielle notice on the Landsbanki Guernsey being placed into Liquidation.
8th December 2010 GFSC, Guernsey Financial Services Commission issue a statementregarding the liquidation of Landsbanki Guernsey.
7th December 2010 DeLoitte the Administrators go to the Royal Court in Guernsey to apply to have Landsbanki Guernsey ltd placed into administration. Their application is accepted, which means the bank can no longer act as a bank under the administrators and the GFSC have to withdraw their licence. See the figures at a glance
3th December 2010 DeLoitte the Administrators feel it necessary to issue a statement on their website contradicting the speculative comments by the Chief Minister and state that the figures have not changed from their estimates of 85-91%..
3th December 2010 The LGDAG email all deputies expressing their dismay at the Chief Ministers speculative comments in the States, that the Landsbanki Guernsey depositors will get back more than 100% of their money. He failes to back up his statement.
24th November 2010 Chief Minister Lyndon Trott, makes a statement in the States Debate on the Guernsey depositors Compensation Scheme which informes the assembly that certain elements believe that the Landsbanki Guernsey depositors will get back more than 100% of their money. He failes to back up his statement.
16th November 2010 Neil Dickens, Chairman of the Landsbanki Guernsey Depositors Action Group is interviewed on Radio Guernsey regarding the DeLoitte release.
16th November 2010 DeLoitte release their 4th report on the administration of Landsbanki Guernsey. They will be applying to the Royal Court on the 7th December for the Liquidation of Landsbanki Guernsey. It is anticipated that there will be an up to 7.5% payment to depositors in January 2011.
29 October 2010 A reply is received from the Chief Minister and Policy Council to LGDAG response to the Policy Council's reply to the first Lgdag letter. It still fails to answer the questions asked by the LGDAG and can find no fault with the Promontory report, which is rather predictable.
24 October 2010 The chief Minister Lyndon Trott is on the Radio Guernsey Phone-in. Jenney Kendal Tobias is the interviewer. A number of Landsbanki Depositors ask questions by email, but as usual not a single question is answered. An audio will be availible shortly.Listen to his response
07 October 2010 The LGDAG reply to the Chief Minister/Policy Council response to their letter of the 10th August. Once again the reply from the Chief Minister totally lacks transparency and fails to answer the questions fully
04 October 2010 The LGDAG having read the transcript issue a Press release
02 October 2010 A short Press release states that the LGDAG will issue a ststement after thery have had a chance to see a transcript of the Q & A's between the Chief Minister and Deputy DeLisle.
30 September 2010 The LGDAG receive a reply from the Chief Minister and policy Council to their letter to them of 10th of August 2010. The letter address all the points made and will be analised, before any reply is considered
29 September 2010 The States of Guernsey Meet today and there were questions asked for public reply by the Chief Minister on why no update for the past year.Deputy DeLisle asked the questions and deputy Matthews asked a supplemental. A transcript and an audio are availible . A question was also asked on the raised level of depositor Compensation proposed for EU Countries. That can also be heard or read on the transcript.
27 September 2010 The policy Council Meeting due to discuss the LGDAG Letter. A number of Deputies have also been informed by the LGDAG of the way they are being treated by the Chief minister and policy Council and at least one written question has gone to the Policy Council from a Deputy.
18 September 2010 A short response from Mr Henderson by letter, stating that our letter will go before the Policy Council on 27th September 2010, this appears to have been deliberatly delayed and only pushed forward because of our second letter.
16 September 2010 As no letter has been forthcoming from the Chief Minister and policy Council in answer to the questions asked in the LGDAG letter to them of 10th August 2010 a letter is sent to mr Henderson the external affairs officer who answered our original letter. Hand delivered
12 September 2010 Iceland decides former Prime Minister should face trial .Their report says that Geir Haarde and his colleagues ought to have realised the extremely serious nature of Iceland's financial problems more than six months before the crash
06 September 2010 Guernsey retail banking deposits down by almost 2 billion , read the article and comments on the forum in the Guernsey press
04 September 2010 A response is required to Mr Van Leuvan's letter of the 26th August 2010
26 August 2010 Mr Nik Van Leuvan, Director General of the Guernsey Financial Services Commission replies to the LGDAG letter to him of the 19th August 2010
19 August 2010 The LGDAG refuse to accept the GFSC 2009 Annual Report and dispute a number of comments made in the Banking Division section of that report. A letter is sent to The Director General Mr Nik Van Leuvan, along with the evidence that backs up their statement, a copy of that letter with the evidence is sent to the Chief Minister and policy Council
11 August 2010 LGDAG receive a reply from Policy Council/CM's Secretary on letter sent 10th Aug 2010. Chief Minister out of Island, Letter will be placed before the next Policy Council meeting 23rd August 2010 and discussed and a more substantive reply will be sent.
11 August 2010

Icelandic Winding Up Board continues to ignore Landsbanki Guernsey Depositors by refusing again to accept them as priority creditors. The only alternative now is the District Court of appeal in Reykjavic.

READ PRESS RELEASE by LGDAG

11 August 2010

Heritable Bank 5th report in administration by Ernst & Young

11 August 2010

Landsbanki Guernsey depositors, hold a General meeting at the St Peter's Community hall to discuss developments and critisise Guernsey's Government for their total inaction in helping depositors.

10 August 2010

The Landsbanki Guernsey depositors Action Group send a letter to the Chief minister and Policy Council, as the depositors have not had any Government update since The Chief Minister visited Iceland on 6th August 2009.READ LETTER

20 July 2010

The Scottish Outer House, Court of session  publish the findings of a case  and opinion of lord Glennie in the note of The Winding-up Board of landsbanki Islands hf ( The Noters) against Margaret mills,  Patrick Brazzill,Thomas burton & Alan Bloom, the joint Administrators of Heritable Bank Plc ( respondents)  READ THE FILE   ( You will need a degree in Law)

19 July 2010

Guernsey's Depositor Compensation Scheme Board produce their first annual report. It still doesn't make things any clearer regarding some of the questions that have been posed to them. After asking you to" contact us" with any questions on their website, having asked a question the standard reply is, "'The Board does not, as a matter of policy, give advice on specific questions relating to the Ordinance".

12 July 2010

European Commission decides to increase Depositors Compsentation to €100,000 and to ensure that it is paid within seven days READ MORE

14 July 2010

Guernsey Press do an article on the GFSC and "more scrutiny" required. The forum below the article has 26 comments decrying the GFSC and its inaccurate statements and its self denial over the Landsbanki Guernsey fiasco READ THE FORUM

10 July 2010

GFSC release itsannual roport for 2009. It includes a banking division report that is full of self praise of its actions during the banking crisis especially its actions over Landsbanki Guernsey. I think the depositors would tend to disagree with them and one depositor certainly does.

8 July 2010

Chief Minister Lyndon Trott responds to a letter to the Guernsey press by Kate Barrett. Once again he twists the actual events to suit his own political ends. READ MORE

20 May 2010

Michael Casey who writes for Dow Jones and Wall Street Journal, was in Guernsey on Tuesday 18th May 2010 to speak to Landsbanki depositors, he also spoke to the Chief Minister Lyndon Trott and Director of Banking at the GFSC Philip Marr.

20 May 2010 The third list of claims and decisions has now been published by the WUB at http://lbi.is/creditor-information/Claims.aspx.
26 April 2010 A 2000 page Icelandic reportHERE ) is released and parts of it emphasise the inadequacy of the financial regulators and the fact that they were well aware of serious problems as soon as March/ April 2008 but failed to warn depositors and they were allowed to continue depositing in Landsbanki Guernsey and Heritable and Icesave in the UK. A precis of relevent parts of the report has been done by Iain Martin of Citywire. Read the full article

23 April 2010

The Telegraph does an article on the Ministry of justice report and how it vindicates the Landsbanki Guernsey Depositors when they said that guernsey Government were doing nothing to help depositors. Policy Council & GFSC  come up with their usual unconstructive, misleading replies

7 April 2010

Penny from BBC Radio Guernsey interviews Deputy Matt Fallaize from the Scrutiny Committee, regarding a Public type inquiry into the Landsbanki Guernsey Fiasco and as to whether that is likely to happen. Deputy Fallaize feels the scrutiny Committee is the wrong group to carry it forward, and that further time should pass before pursuing this option. But that there are questions to be answered.

7 April 2010

Landsbanki Guernsey Administrators update  The Administrators are hoping for a further payment later in 2010, but will be circulating depositors re future payments and whether its worth issuing small payments because of the costs involved

1 April 2010

Deputy Chairman of LGDAG Guernsey is interviewd live on BBC Guernsey radio by Gary Burgess regarding the ministry of justice report and how it vindicates the Depositors for the pressure they had been putting on guernsey's government for action on their case. (listen to Interview on Audio page)

31 March 2010

An email is sent to all Guernsey Deputies pointing out that the Chief Minister's release to them, regarding the Ministry of Justice Select Committee report doesn't quite cover all the points of the report and is misleading to say the least. No change there then.

30 March 2010

Uk Ministry Of Justice Select committee report on Crown Dependencies released. Generally welcomed, but proves without doubt that Landsbanki Guernsey Depositors were not represented properly by The UK Treasury and became " Collateral damage" to the UK's interests. Written & verbal witness statements

06 March 2010

Iceland votes in a referendum by 90% not to repay the UK and the Netherlandsthe £3.5 billion used by the UK & Netherlands to repay Icesave depositors

02 March 2010

Landsbanki Guernsey Depositors held a general meeting at the Catel Douzaine room, in Guernsey to discuss recent events, Guernsey's Government, the GFSC and Objections to the Icelandic Winding up board. Minutes will be availible on the secure side of the LGDAG website.

24th February 2010

The WUB have accepted the objection list for further consideration.

24th February 2010

A Letter reply to deputy Carla Mcnulty Bauer at Commerce & Employment in answer to the letter of the 8th February below. Since her reply the winding up board have rejected the Guarantee for landsbanki Guernsey depositors.

24th February 2010

Chief Minister circulates all deputies with his slant on the LGDAG statement regarding the Icelandic Winding up Board's decision on the Landsbanki Islands hf guarantee. The LGDAG recirculat the Deputies correcting his statement.

18th February 2010

The Objections are submitted to the lawyer in Iceland for presenting to the WUB. These are the ones that have been submitted through the LGDAG Website

17th February 2010

The GFSC, would only issue a statement and not respond to questions by Channel television when approached over the decision by the winding up board to reject depostitors claims under the guarantee

17th February 2010

Press release by the LGDAG regarding the decision by the winding up board to reject the claim by Landsbanki Guernsey depositors under the Landsbanki Islands hf guarantee. Raises more issues re the credibility of the GFSC.

15th February 2010

Letters are received from the Winding up Board (WUB) rejecting our claims generally and in every respect under the guarantee. A decision that was not entirely a surprise and an objection will be submitted immediatly to that decision. Depositors had already prepared for the objection which had to be returned to the WUB by 24th Feb 2010.

15th February 2010

The Email sent to all deputies is sent to the editor of the Guernsey Press as a letter to the Press for publication. Appears in Press 15th Feb in full. 

8th February 2010

A reply is received at last from Deputy Carla Mcnulty Bauer at Guernsey Commerce and Employment regarding the LGDAG request for a Public inquiry into the putting into Administration of Landsbanki Guernsey

6th/7 February 2010

An e-mail is sent to all Deputies, bringing to their attention the Select Committee inquiry going on in the Isle of Man into KSF IOM and their FSC & Depositors Protection scheme. A copy of the CM's reply to us is attached. Remind them we want Public Inquiry 

26 January 2010

Deputy Carla McNulty Bauer from Guernsey Commerce & Employment has failed to respond since her last email 19th dec 2009. A further reminder is sent. Guernsey States are unbelievable inefficient. 

8 January 2010

Expected timing of payment of third dividend to creditors and release of third interim report to creditors.  Deloitte update

8th January 2010

Deloittes paperwork goes out to depositors anouncing the 12.5p repayment, but 85-90% may take some years to recoup that amount.

6th January 2010

Deloittes clarify current situation regarding referendum in iceland over repayments to UK & Netherlands. Also 12.5p for depositors.

5th January 2010

A new documentary on Landsbanki Guernsey is released by the website "The Bank that Sank".  The Documentary

5th January 2010

5th January 2010  Icelands Prime Minister allows the country to go to a referendum on the repayment to Britain & the Netererlands

31st December 2009

Iceland approved Icesave repayment deal. Icelands Parliament approves a deal to repay £3.4 bn lost by savers in Britain and the Netherlands when the Country's banking system collapsed

 19th December 2009

A response from Carla McNulty Bauer, a couple of days after Policy Council meeting. We will hear from her around 11/12 Jan 2010 according to her response after a reminder.

 17 December 2009

Response from the Chief Minister and policy Council regarding Matthews letter and report demanding Public inquiry. Short and sweet. Fails to address any points made.

 17 December 2009

Announcement by Administrator of an 11-12.5p payment in January 2010 and that the Administrator would be remaining until 6th January 2011

 16th December 2009 

ICC meeting with the Administrators of Landsbanki Guernsey 

 10 December 2009 

As no reply from Commerce and Employment Carla Mcnulty Bauer a further letter is sent to prompt some action. 

 December 2009 

Expected timing for payment of second dividend by the Administrators of Heritable Bank Plc  (Heritable) 

25 November 2009 

A letter is sent by Eric along with Matthew's report demanding a public inquiry to Deputy Carla McNulty Bauer at Guernsey Commerce and Employment 

23 November 2009 

Open Creditors meeting to be held by the winding up Board in Reykjavic 

19 November 2009 

Deloittes release Update on winding-up board decisions.

5th November 2009 

 Lord Hunt review of finance in Guernsey. International Advisor comment

2th November 2009 

Reminder letter sent to Trott regarding the public enquiry report submitted to him on the 17th October 2009. 

 Midnight 30 October  2009

Deadline for returning papers to the Icelandic winding up Committee 

 28th October 2009

Foot Report independent report for the UK Government on the offshore financial centers. Emphasised what LGDAG had been saying on The Guernsey Depositors Compensation scheme.  

 26th October 2009

Deloitte update for Landsbanki depositors, January 2010 expected payment.  

 24th October 2009

Today Guernsey's Chief Minister is in Shanghai attending a finance conference at taxpayers expense. He will be one of 64 speakers.  

 17th October 2009

A new report demanding a Public Enquiry into the GFSC, The FSA and the States of Guernsey Government over the putting into Adminisration of Landsbanki Guernsey has been submitted to Chief Minister Trott and all States Deputies. 

 CONFIDENTIAL LETTERS between GFSC & FSA are referred to

 8th October 2009

A weak response from Trott on Radio Guernseyin response to the Landsbanki Guernsey demonstraton, who turned their backs on the Guernsey Government. 

 7th October 2009

Landsbanki Savers turn their back in the states. See home page 

 7th October 2009

The First Anniversary of Landsbanki Guernsey going into Administration.   

 5th October 2009

A letter to the Guernsey Press from Matthew Dorman, showing just how ineffective the Guernsey Government has been. A weak reply referring only to the Chief Minister's letter to the GP of 26th Sept 2009.    Read. 

2nd October 2009

"Depositors are no would-be thieves." A poignant letter to the Guernsey Press from Mark Ashby.  Read

 

BELOW:THE TIME LINE OF EVENTS FROM 1997 UNTIL 1st OCTOBER 2009

 

1997

1997

Licensing of CheshireGuernsey

 

1998

November 1998

The Edwards report , a review of Financial regulation in the Crown dependencies. This report recommended  that a Depositors Compensation Scheme be introduced and also a Financial Ombudsman. Neither happened.

 

2002

February 2002

Guernsey Financial Services Commission (GFSC) produce an extensive consultation document introducing a Depositors Compensation Scheme into Guernsey. It fails, apparently through lack of Bank interest and no political will. (Government Negligence). GFSC would not disclose views submitted, as confidential.

 

2006

7th August 2006

Letter from Cheshire Guernsey, to customers informing of possible purchase by Landsbanki Group.

September 2006

The GFSC was asked to approve the acquisition by the landsbanki Group of  the Guernsey subsidiary of the  Cheshire Building Society.

September 25 2006

Landsbanki Islands hf provide a legal document Guarantee but that is never signed by Landsbanki islands hf

25th September  2006

Letter from landsbanki Guernsey regarding the acquisition of Cheshire Guernsey, with a paragraph: For your comfort and security, Landsbanki has given an undertaking to honour all the obligations of Landsbanki Guernsey Ltd. Signed, Halldor j Kristjansson Group Managing Director and SigurjonTArnason , Group Managing Director.

 

2007

26 September 2007

Fitch Ratings report, “Heritable Bank Ltd,” “Heritable Bank Ltd’s (Heritable) long and short term IDR’s and support ratings are based on a guarantee of materially all its obligations from its parent Landsbanki Islands (LB) of Iceland

 

Liquidity is tight with only a small proportion of liquid assets on the balance sheet. Mitigating this Heritable has a committed credit line of £200 million from its parent

 

The Credit line of £200 million has been extended until Dec 2008, this is needed as the lavel of liquid assets  on the balance sheet is low.

31st December 2007

Heritable Annual report 2007, The Company had a bilateral committed line of credit of £400 million provided by Landsbanki, due for repayment Dec 2010, £178 million outstanding.

 

2008

April 2008

GFSC allege FSA fully aware of their close interest in LGL and matters relating to Heritable (See letter GFSA to FSA  6 Jan 2009)

21 April 2008

Letter from  Dr Jeremy Quick to Mr Stephen Funnell explained concerns and sought confirmation, Heritable self-standing-firm

25 April 2008

MrFunnell, FSA, responded stating that Heritable met the FSA’s capital and liquidity guidelines. Heritable was a  UK orientated  self standing firm with limited  Icelandic risk. ( see full text in letter GFSA to FSA 6 Jan 2009)

May 2008

Landsbanki Guernsey diversifies its balance sheet

22nd May 2008

Fitch ratings: “Iceland Special Report”, Regarding problems in Icelandic parent banks liquidity and potential of sovereign support. Given the size of the Icelandic banks relative to GDP (900%) and the lack of foreign parents with deep pockets 6, it is hard to imagine the authorities could distance themselves from a systemic crisis, particularly because of banks huge net external liabilities (200% of GDP).

11th July 2008

Mr Stuart Bailey of GFSA wrote to MrFunnell asking for the FSA’s confirmation that Heritable was ring-fenced  from Icelandic risk.

16th July 2008

MrJohnBrennan of the FSA responded in writing, stating, I can confirm that our assessment of Heritable’s exposure to Icelandic risk has not changed materially  from Stephen’s letter of 25th April 2008…. (More detail in letter GFSC to FSA 6 Jan 2009)

GFSC Comment

The information provided to us by the FSA in April and July 2008 was a key determinant in our permitting funds to be placed with Heritable, as explicitly  stated in Dr Quick’s letter of 21st April 2008

29 September 2008

Nationalisation of Glitnir Bank hf , GFSC increased communication with FSA.

30 September 2008

Moody’s places landsbanki on review for possible downgrade.

1st October 2008

LandsbankiIslands hf sold the majority of its overseas corporate finance and brokerage business to raise funds.

Fri 3rd October 2008

GFSC understands FSA intervened at Heritable and again on Monday 6th Oct to prevent  any payments being made by Heritable to LGL. Deposits with Heritable were repayable on demand………..  ( See full text  GFSC to FSA 6th Jan 2009)

6th October 2008

It became apparent to the GFSC that Heritable was dependant on Uhf for its liquidity and it also became apparent that the FSA had allowed heritable to become substantially dependent on Uhf for its liquidity without advising the GFSC.

6th October 2008

Landsbanki islands hf ceases trading on the Icelandic Stock exchange.

6th October 2008

Landsbanki Guernsey directors inform GFSC of increasing outflow of funds. Adv.Peter Harwood (Chairman GFSC) immediately communicated that information to the Chief Minister (His statement Guernsey press 15th Oct 08) and repeated to members of the policy Council at a meeting later that afternoon.

(Denied by Charles Parkinson in answer to a Question by Deputy Le Sauvage, States meeting although policy Council did receive a briefing as regards outflow of funds at Landsbanki that afternoon.

6th October 2008

States members addressed at St James by GFSC, but none aware of the impending implications of Landsbanki Guernsey, in fact most appear to have come away feeling everything would be ok. 12 of those present vote to assist depositors should a bank go down (academic vote at that time, but soon to be a reality)

Tues 7th October 2008

Landsbanki Guernsey Placed into Administration in early hours, Approx 1600 depositors, 600 of whom Guernsey residents are owed around £120 million

Tues 7th October 2008

Heritable placed into Administration in the UK

Tues 7th October 2008

Icelandic Government dismisses the board of Directors of Landsbanki, the Islands second largest bank in value and puts the bank into receivership.

Tues 8th October 2008

The Icelandic Government takes control of Glitnir, the third largest bank in Iceland, buying a 75% stake for 600million euros.

Tues 9th October 2008

The Icelandic Government takes control of Kaupthing, its largest bank.

13th October 2008

GFSC writes to Icelandic Prime Minister (or regulator , they have stated both)  regarding the £36 million up streamed to Heritable and the £12 Million up streamed to Landsbanki islands hf,  as well as the parental guarantee. Letter followed up on several occasions.

16th October 2008

Landsbanki Guernsey Depositors receive a repayment of 30p in the £ from locally retained funds in the bank.

17th October 2008

Policy Council Statement attempting to make things sound better than they are

22nd October 2008

Guernsey Chief Minister meets Iceland Finance minister whilst on Conference and obtains hi Mobile phone number

24th October 2008

Iceland asks the IMF for $2 billion in aid to help fix its ecomnomy and restart currency trading

5th November 2008

Letter MatthewDorman to LyndonTrott

10th November 2008

Letter LyndonTrott to MatthewDorman

14th November 2008

Chief Minister meets Icelandic Ambassador in Brussels, not necessarily because of Landsbanki.

14th November 2008

Landsbanki Depositors hold first formal meeting of Depositors, over 100 attend

19th November 2008

IMF approve $2.1 billion loan to Iceland. $3 billion comes in from Nordic Countries, Russia & Poland.  $5 billion from Britain ,The Netherlans and Germany. About $10 billion in all.

21st November 2008

“The Horse has bolted” Guernsey Passes a Depositor Compensation Scheme not backdated.

24th November 2008

Landsbanki Depositors Action Group have meeting with Chief Minister LyndonTrott, Treasury Minister, CharlesParkinson, Chief Exec.MikeBrown at Frossard House. His message is, no taxpayers money , but “never say never”.

The Guernsey Government has attended two meetings with HM Treasury. This has secured their agreement to represent Guernsey’s interest in diplomatic discussions with the Icelandic Government.  There were physical meetings with her Majesty’s Treasury, on the 24th October 2008, 4th February 2009, 3rd March 2009, 21st May 2009,(States meeting, 29th July 2009) (informationed only gained from States meeting of July 2009), (So what date was the second one before 24th November2008) ?

26th November 2008

GFSC takes whole page in Guernsey Press to “ Clarify Misconceptions over Landsbanki Gsy Collapse”. Many of their comments very defensive.

10th December 2008

Lord Bach appears before Treasury Select Committee and shows how little he knows as to what’s going on. (He’s Ministry of justice who are meant to represent Guernsey).

10th December 2008

NeilDickens, JansonBewey and DavidBenda  meet up with Rod Hewitt at Ministry of justice. It brought to light just what Guernsey Chief Minister had not been telling us

19th December 2008

Landsbanki Guernsey depositors Action Group submission to the Treasury Select Committee hearing, copied to Chief Minister.

 

2009

6th January 2009

GFSC release an abridged version of the Promontory report for Public consumption led by Michael Foot CBE

7th January 2009

Second meeting with Chief Minister Trott and the LGDAG. The Chief Minister can’t wait to read out the Promontory findings at the opening to the meeting:

13 January 2009

LGDAG letter to all Deputies informing them of the lack of information being circulated. Two suggestions for a PDCS. This drew a quick defensive response from the Chief minister (14th January 2009)

18th January 2009

LGDAG respond to the Chief Minister’s defensive responsive to all deputies, going through it point by point.

26th January 2009

Icelands ruling coalition falls apart when prime Minister Haarde says he is resigning. Two days later the Social democrats are given a mandate to form a new Government

28th January 2009

Questions by Dep. RhoderickMatthews in the States. Chief Minister lists all he has spoken to regarding Landsbanki Depositors, including Icelandic Finance Minister, Icelandic Ambassador to EU, but meetings believed more for Public impression than useful dialogue.

29th January 2009

LGDAG  (MatthewDorman & NeilDickens) held a meeting  with four UK Treasury  Civil servants and two reps from Ernst and Young. Guernsey’s problem, implied that Justice department should be heading up the constitutional requirements.

29/30th Jan 2009

MatthewDorman meets up with the Icelandic Ambassador for the second time. The Ambassador was unaware of meetings between Guernsey Government and Icelandic Finance Minister.

1st February 2009

Iceland’s Government changes, Mr.SteingrímurJ.Sigfússon became Minister of Finance on February 1st 2009. Replacing Arni Mathiesen who the Lyndon Trott had been dealing with.

3rd February 2009

LyndonTrott  & PeterNeville give Evidence at the treasury Select Committee hearing

3rd February 2009

CONFIDENTIAL LETTERS, that passed between the GFSC & the FSA in Jan & Feb 2009 have to be submitted as written evidence to the Treasury Select Committee

9th February 2009

First ICC meeting between ICC and Deloitte.

12 February 2009

Emma Berg-Apton,  Offshore personal savers – “Dispelling the Myths”.

13 February 2009

A letter from the LGDAG rejecting the accuracy of the minutes of the meeting with the Chief Minister on January 7 2009 as being too inaccurate and over a month late in delivery, and only then after a number of requests.

13th February 2009

Landsbanki Guernsey is still advertised on the Guernsey Chamber of Commerce website.

20th February 2009

Petition is submitted to Her Majesty Queen Elizabeth 11 from her Landsbanki Guernsey Subjects, Petitions also submitted from Jersey and Alderney.

22nd February 2009

Chief Minister interrupts Radio Guernsey and makes offer to meet all Landsbanki Guernsey Depositors, rather than just the few.

25th February 2009

Landsbanki Depositors confront states members at the entrance of the Royal Court and hand out documents outlining their plight.

3rd March 2009

Chief Minister reneges on offer to meet Landsbanki depositors, even though they have invited him to address their meeting

5th March 2009

Radio Guernsey broadcast the fact that the Chief minister has reneged on meeting with Landsbanki Depositors, early news, by 0900hrs the news has changed to threats against Chief Minister, what convenient timing, considering Frossard house would not issue any details. Later found to be an old threat, reissued to counter news on renege by Chief Minister.

31st March 2009

Treasury select Committee Conclusions printed…..”We can only recommend that the UK Authorities work with the Isle of Man and Guernsey authorities to resolve these issues.

23rd May 2009

Chief Minister meets UK MP Vince Cable amongst others, we later learn that Vince Cable was less than impressed as regards the meeting.

6th June 2009

Iceland agrees to reimburse Britain and the Netherlands, compensating people holding Icesave accounts at Landsbanki.

16th June 2009

Members of the LGDAG lobby members of the Commonwealth Parliamentary Association and hand out letters explaining their situation.

17th June 2009

John Towler takes a whole page in the Guernsey Press to take Guernsey to task.

29th June 2009

Earl of Wessex written to prior to visit to Guernsey. His secretary replies expressing the Earls sympathy with the depositors , but that the Earl is unable to become involved.

10th July 2009

Landsbanki costs help to push the GFSC into the red ??

15  July 2009

Findings under the Freedom of information act regarding meeting between Guernsey Government , Ministry of justice and UK Treasury are released.

17th  July 2009

Iceland applies to join the EU

22nd July 2009

A letter is sent from the Landsbanki Guernsey Depositors Action Group to all Guernsey states Deputies bring them up to date, as they get no information from the Chief minister.

29th July 2009

Guernsey States meeting, Deputy David DeLisle puts questions to Chief minister re Landsbanki Guernsey. Deputy Guille asks a stooged question to lead CM into speech in which he announces his visit to Iceland, but without details and refuses further questions, An interesting forced answer by Bailiff to a question by deputy Barry Brehaut

29th July 2009

It is believed that mounting pressure on the Chief Minister Lyndon Trott has forced him into at last appearing to take some action. We will see.

August 2009

Consultation on parental up streaming and the introduction of Depositor Protection  and Ombudsman schemes. By the Guernsey Financial Services Commission

 

4th August 2009

The LGDAG send a letter with proof to Mr Van Leuvan (GFSC) showing that the due diligence carried out by the GFSC back in April May 2009 was sadly lacking and appeared totally reliant on the UK FSA for its information on Heritable Bank.

6th August 2009

The Chief Minister, Lyndon Trott in the company of The Chief Executive Mike Brown and a Professor Sutton, travel to Iceland for meetings with the Icelandic Finance Minister and others over two and a half days. The Chief Minister has apparently delayed his summer holiday to attend Iceland.

7th August 2009

GFSC. Nik Van Leuvan “ The FSA let us down somewhat in the Landsbanki Affair.” So the GFSC is trying to lay all the blame at the UK FSA for their own lack of due diligence.

10th August 2009

Policy Council release a statement on the Chief Minister’s visit to Iceland, but it’s the usual say nothing, lots of adjectives. CM straight off on holiday.

11th August 2009

GFSC replies to LGDAG, basically saying everything is confidential and we would need to revert to legal action to see documents. Funny how can documents that prove you carried out your job correctly be confidential?? Unless of course they don’t prove it

11th August 2009

Landsbanki Depositors hold a general meeting at the Indoor Cricket Centre, approx 60 to 70 depositors attend.

15th August 2009

Landsbanki Depositors receive a further 25% repayment of monies owed. This still leaves them 45% out of pocket.

24th August 2009

The proof regarding the GFSC was passed to the Editor of the Guernsey Press who will hopefully print it and obtain a reply from Nik Van Leuvan.

 9th September 2009

The Administrators receive permission from the Royal Court to go ahead with legal action against Iceland. 

 26th September 2009

Chief Minister, Lyndon Trott writes a personal letter to the Guernsey Press. Old rhetoric, fails to address new issues re GFSC Negligence. 

 26th September 2009

An article in the Times shows up Guernsey's Government for failing to assist the Depositors. 

 28th September 2009

"Is it safe to invest offshore" by Guernsey Press, shows up the inadequacies of Guernsey's Depositor Compensation scheme as stated by " The Times" 

Thursday 1st October 2009

Landsbanki depositors General meeting at the Catel Douzaine room 

Midnight 30st October 2009

Is the closing date for all claims being submitted to the Iclandic Winding up Committee for Landsbanki hf, claims should be submitted on an individual basis. More information on the LGDAG website.

 

 

 

 

 

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