http://www5.channelonline.tv/news/templates/moneychannel.aspx?articleid=16906&zoneid=1

There is a snippet of information on the above link from the Guernsey Treasury.

Thanks for the update. I rather have some news (even when it's not what I want to hear) than to live with this hughe uncertaincy. What I can offer now is a file (Word) with screenshots from some major pages of the banks internet site, just before it went to the single page anouncement we can read now. Including claims about their safety and having no links to the US etc.

Next; I will do my utmost best to set up an internet site this week (something like 'depositors landsbanksi guerncy support group') nothing fancy just a vehicle to register each other emails and things like that.

We just send the following email to the Administrator of Landsbanki Guerncy:

We would kindly ask you the following;

What guarantees are offered by the Guernsey government?

What is the role of Landsbanki Islands Ltd, who according to the company letterhead is the owner of Landsbanki Guernsey? According to Landsbanki website depositors could be assured their savings would be safe as the parent would cover any liabilities that Guernsey could not cover. Am I correct to assume this is really a marketing statement, or as Landsbanki is now in receivership, the Icelandic government will provide some compensation?

Are any guarantees offered by the British Government likely to assist Landsbanki Guernsey?

There is speculation around the support of Ice Save UK by the British government being extended to Landsbanki Guernsey, can you confirm whether this speculation has any foundation.

Finally is there any financial services authority in Guernsey which will be offering any explanation about the collapse of Landsbanki Guernsey.

We appreciate there are many questions here, but this account has our life savings in and we are anxious to obtain some factual information about the future of our deposit.

I think its vital to get an action group together. In the current situation it is very much a case of who shouts loudest gets the biggest share of the limited assets to go round. At the moment we are falling through the gaps of national protection.

I would suggest we have a number of hopes. The first is that there are actually enough assets in Landsbanki to meet all its obligations to depositors. This is unlikely, but under Guernsey capital adequacy rules there must be some assets to back the deposits, from what I can make out this should be 50%, but it depends whether the parent company guarantee from Iceland is counted as capital for this purpose. It shouldn't be, but stranger things have happened.

Our other options are (i) a sale (this depends on the capitalisation of the Guernsey bank) and will probably have to be backed by a third party such as the Guernsey authorities or the Guernsey banks themselves; or (ii) the Guernsey authorities or banks stepping in to compensate. I wouldn't hold your breath for the latter as the Guernsey authorities will probably only protect their own residents.

So let's get together and make sure our voice isn't lost in the noise.

Would you be prepared to take the lead on setting up the action group - as you seem knowledgable - perhaps with support from Peter Paul on setting up an internet site? We probably need some members in Guernsey who can take appropriate local action. I would like to see the group act on behalf of all depositors no matter where they live. I live in Malta but am currently in Canada. I know that one other "poster" is from the Netherlands.

I fully support getting together on this - I am a Guernsey resident who has potentially lost an almost six figure sum.

The quote that puts this debacle in to context is on the front page of todays Guernsey Press - "..it was unclear if Landsbanki Guernsey savers would become the only depositors in the world to lose the whole of their savings".

The States of Guernsey appear to be abdicating any responsibility for this problem which surely brings into doubt the future of the Island as a leading financial centre (from both a governance and regulation viewpoint).

It would appear that we need to lobby the GFSC, States of Guernsey and the local Landsbanki Directors / Receiver on this matter. It would also be useful to get the Guernsey Press on side as they are normally very good in rattling cages on sensitive issues. I'm happy to add anything I can to the process - either via correspondence or meetings and representations locally in Guernsey.

Totally agree on need for action group, particularly as the administrator is currently incommunicado.

I think we should lobby to be included in the UK guarantee of Icesave, failing that it would be nice to know whether the Icelandic government intends to honour Landsbanki's undertaking for Landsbanki Guernsey.

Not sure also as to the state of funds in LG - whether they have been repatriated to Iceland already?

Do you think it would be a good idea to set up a website promoting our interest and hire a lawyer that would agree to be compensated on the return of the deposits? I could set up a basic website, but I'm not really that good in HTML, is there anyone else that could add a discussion group and help with the development? Any ideas on the contect / domain name?

I wasn't sure I could get all this text in, but I have - so here it is. I sent this earlier today. I have to keep rushing in and out - it is day time here in Canada, so I cannot give this my full attention.

If you could take the lead Matt J B that would be great. Members would need to be able to start communicating by e-mail. I am not sure how to set this up, but Peter Paul has made an offer - but he is probably off line now.

> Subject: Landsbanki Guernsey
> To: info AT gfsc.gg, jdewoolfson AT guernsey-press.com,
> graeme.delap AT moneysupermarket.com
>
>
> For the attention of Peter Neville, Director General, Guernsey
> Financial Services Commission
>
> Dear Sir,
>
> I had my life savings (290,000 pounds) in a 5 year bond at Landsbanki
> Guernsey. It seems that this deposit is not protected. The UK has
> acted to guarantee savings in Icesave and Heritable.
>
> I would like to know what actions the Guernsey Government and
> Financial Services Commission are taking to secure a similar guarantee
> for depositors in Landsbanki Guernsey.
>
> I am aware that a protection scheme is being worked on - but this is
> no help to me and my fellow depositors.
>
> Specifically:
>
> 1. What action is being taken to support the receivers in finding a
> buyer for the bank?
>
> 2. What action is being taken to obtain support from other countries
> such as the UK and the EU?
>
> It seems to me that if these depositors are not helped there could be
> dire consequences for banks in the Channel Islands.
>
> Yours sincerely
>
> Charles Downing

Charles

Thanks for the update and your well worded letter.

I have also just sent an email to Joel de Woolfson at the Guernsey Press to try to drum up some local support - I will update the forum as I get any feedback on this.

If we can get sufficient support I am happy to arrange a meeting room in Guernsey at my own expense for anyone who wishes to to get together to further this in a face to face meeting (there are already a number of disaffected parties locally) - if we can get the local press on side I am sure we could then extend the invite to local Landsbanki directors, GFSC and Guernsey States members to really raise the local profile of the issue.

I am aware that we also need to cover the balances of non Guernsey residents in any discussion and would be happy to follow this up at any local meeting for anyone outside of the island who would not be able to attend a meeting.

I'm not an IS expert so contact with me would be best through this forum until anyone else can come up with an alternative solution.

I'm committed to following this through to the nth degree - lets all get together and voice our dissatisfaction!

I will be offline soon but will be checking in when time allows during the day tomorrow.

Regards to all

Matt

Matt, I'm with you on this - I am a Guernsey resident with a potential five figure loss.

Having closely followed the local media coverage today my feeling is that the statements made have not been particularly supportive. I fully understand that the States of Guernsey can't take on the banks in the way the UK government is doing, but they do have some responsibility to depositors in those banks: Iceland, it now seems, has been a concern for some time - what has the GSFC been doing about that? As a reputable finance centre they do surely owe savers something more than "we will take steps to protect savers towards the end of the year"?

Those of us who are in Guernsey are in the strongest position to fight for support in this matter, and so we need to have as many local people affected by this as possible on board in order to lobby effectively. Maybe through the Guernsey Press we can reach out to these people so that we can meet, and then we could become a lobbying force for all affected depositors, not just those resident here in Guernsey.

How do you feel we should start the ball rolling?

Hi

Another Guernsey resident here. I managed to get some money out last week. We called Landsbanki on Friday to draw out the remainder (five figure sum). This hit my bank account today, but was withdrawn again by Landsbanki later same day. Apparently this is legally ok if it is withdrawn within 24 hours(!)

So I am in the same boat as you guys.

Sympathies with those of you with bigger amounts. Will watch this site for developments - happy to help out if I can.

BTM

I am also a Guernsey resident and cannot believe how inept the authorities here have been in their handling of this . They have been dithering over a depositors' compensation scheme for YEARS , and I cannot believe that it has taken an event like this to get them to act. I have a fixed term bond with Landsbanki Guernsey and will be absolutely livid if I don't get it all back.

The other contributors to this forum from Guernsey are correct. Some serious lobbying has to be done - the more people who get in touch with the authorities here to let their feelings known , the better. It is completely typical of the system here. Nobody is prepared to make a decision. If they don't sort this out , Guernsey will lose its banking reputation and they will end up with money flowing out of the island. It could be that as a result of the Guernsey Governments' ineffectiveness , the customers of Landsbanki Guernsey are indeed the only people IN THE WORLD who will lose deposits from this crisis.

Here are some useful email addresses for you. I suggest the more people that write to them , the better. Clog up the emails of those who work for the government here - - they deserve it !

Shock them into action . Tell them how many people in this forum think that they are useless in their inaction!

Lyndon Trott - Chief Minister of Guernsey - lyndon AT lyndontrott.com

Peter Neville - Guernsey Financial Services Comission (very helpful in all of this so far!) - info AT gfsc.gg

Guersey Finance ( who describe themselves as ) :- 'GuernseyFinance is a joint industry and Government initiative to defend and promote the long term reputation, stability and development of Guernsey as an international centre of excellence for financial services'. - info AT guernseyfinance.com

Finally - the Guernsey Press would be most interested to hear from you all :- newsroon AT guernsey-press.com

It's only from people thinking that they are useless that the Guernsey Government ever seems to be spurred into action .

It's up to all of us to do this!

Hi All

I have been saving for about 3 years now and placed money into Landsbanki in March 08. I saved to buy a small flat next year. Wanted a better return than the minor % here in Switzerland for savings... now I am not sure what to do - also plan to start a family next year... so this is not good news at all. I would be happy to join some action group.

I'm committed to doing whatever I can to help all of us. I think the key point that needs to be brought home to the world's media is that of all the countries in the world to whom we could have trusted our savings, Guernsey turns out to be the worst possible choice.

If all those who are resident in Guernsey can do their best to make the point with the local authorities, those of us outside Guernsey need to raise the issue with our local media. The BBC for example seem to have concluded this evening that no private investors will lose out through the Landsbanki insolvency. I'm about to send a few emails to the British media to try to get the inaction of the Guernsey authorities and banks into the news.