GUERNSEY BANK ABOUT TO GO INTO LIQUIDATION

In reacting to the announcement made by Deloittes, today, Tuesday 16th November 2010 that a Royal Court application is to be made at the beginning of December 2010 to place the retail arm of Landsbanki/Icesave into liquidation in Guernsey


FOR IMMEDIATE RELEASE
DEPOSITORS REACT TO IMPENDING LIQUIDATION OF GUERNSEY BANK

Deloitte's to apply for December liquidation of Guernsey Icesave with savers set to lose 15% of their savings

In reacting to the announcement made today on Tuesday 16th November 2010 that a Royal Court application is to be made at the beginning of December 2010 to place the retail arm of Landsbanki/Icesave at St Peter Port in Guernsey into liquidation, Neil Dickens, local action group Chairman said:

"This is the day that many local pensioners who deposited their life savings in the Cheshire Building Society (which was taken over by the Icelandic bank), or direct into the "Guernsey Icesave" branch have been fearing the last two years.”

"This development means we will shortly know how much of our savings we have lost by trusting to our local banking system and local jurisdiction."

Dickens thinks this is likely to be around 15% of the total amount of depositors accounts.

"The Westminster Government and the Insular Authorities (the States of Guernsey) etween them have presided over a situation where most ordinary British Citizens had their savings guaranteed, but not only did the relevant Governmental authorities refuse to do this for Guernsey people, they have been working against their own citizens by putting forward the interests of UK local authorities as having a priority claim in front of ordinary retail depositors. This is entirely wrong."

"We are calling on the Government and the States of Guernsey to grasp the nettle and make us whole in the same way as they did with all other Icesave savers."

“Many Guernsey pensioners may not live to see it. There was regulatory failure here, but if this had applied to all citizens equally across the British Isles, we could just about understand it. But the positive obligation of Government to protect its citizens' property has to be applied without discrimination.”

It's not right that a Guernsey "Ice-saver" is abandoned, after formally having been prohibited by UK rules from putting his or her deposit in the mainland 'Icesave' while their mainland equivalent has had all their money returned.

Dickens says that further action by the LGDAG, including legal proceedings in a relevant forum, has not been ruled out.

For interviews and comment from LGDAG, please contact Neil Dickens at LGDAGmedia@yahoo.com or 07847 136583

The Landsbanki Guernsey Depositors Action Group consists of a Bailiwick of Guernsey section affected by the collapse of the bank, a Jersey group, and a group of depositors, nearly all British (94%), from around the globe. Some 700 local people, two years on, continue to have their savings at ris

Landsbanki Guernsey Action for Depositors Ltd. Wigan Rd, Euxton PR7 6LA.

Contact Neil Dickens +44 7847 136583

This release was published on openPR.