Just a few days ago you could read:

"Landsbanki Guernsey is a wholly owned subsidiary of Landsbanki Íslands hf. (Landsbanki). Landsbanki is one of the largest quoted financial services providers in Iceland. Here are a few key facts you might want to know about us:

We were founded in 1886
We are a large and diversified financial services provider active in retail and corporate banking, investment banking, capital markets services, asset and wealth management for private banking customers and deposit taking in over 17 countries including the UK, Ireland, USA, France, Holland, Luxembourg and Hong Kong
We had total assets of €33.4 billion that included assets exceeding £5 billion in the UK and liquid assets of €8.9 billion (as at 31 December 2007)
We made a stable pre-tax profit for 2007 of €520 million
We have strong credit ratings from the leading international ratings agencies - Moody's and Fitch
All of this means that when you save with Landsbanki Guernsey you can rest assure your savings are in a safe place.

For further information visit our website www.landsbanki.co.gg"

It went bust together with Icesave, but media keep ignoring the Guernsey branch. We most of our life savings there with my wife, £65,000, now we are desperate as we may not get anything back. We have opened a 1-year bond as Landsbanki Guernsey offered good interest rate and had one of the best ratings for the offshore banks.

Where all this money went to? Someone surely has received it? What will happen to savers in Landsbanki Guernsey, why the UK government and media keep ignoring us...

It is a day light roberry and yet no one to prosecure... As usual.

It is unimaginable to think that the money that we have worked so hard all those years have been lost... We just had a baby doughter two weeks ago and our joy has turned into despair....

Any warm words to stop me from jumping out from my apartment's 8th floor balcony?

You need to find out more- try to contact the FSA and find out if you are covered:

http://www.fsa.gov.uk/

Don't even think about it - nothing's that bad.

What is that the same FSA that said nothing whilst we got in this mess and is funded by the banks themselves ?

i would head for the closes politicans house and confront them in person if i lost 64k and i would not be taking no for an answer.

Do you live on Guernsey? If so, and Landsbanski Guernsey is the logical choice of bank for your day to day savings, then I am very sorry for you.

If on the other hand you are from the UK, and had offshore savings to avoid tax, and you've lost them, then I can see that in some ways there is a tremendous justice in the system. You don't pay tax on the money, you don't make a contribution towards the UK from the tax, why on earth should the UK FSA protect you in anyway? Why do you think offshore accounts can be so attractive in returns? High returns = high risk. What is so hard to understand.

Stay calm mate try and establish some facts.

The Treasury guaranteed 100% of the Icesave deposits there at the moment is nothing to suggest the same will not be true in this case.
It took them 24 hours or so to make a statement on Icesave didn't the Guernsey one roll over this afternoon?

Stay positive remember you have a newborn daughter think how she will feel when she eventually finds out you topped yourself...

Guernsey is not part of the UK or even the EU.

Quite unfortunate really, but those are the risks you take.

If you lost money because you invested in a Bahaman bank, you wouldn't expect to be bailed out by your domestic Govt, so it doesn't look very promising.

I wouldn't be supprised if gordo & co step in to guarantee these funds at some point, after all, its only pennies compared to the amount they have handed the banks. Good luck. I would not wish this misfortune on anybody.

I'm sorry to hear about your personal situation. You made a loan to dodgy company and they defaulted on it. It happens all the time. It hasn't "gone" anywhere. There are no winners from this sad tale.

Next time, you owe it to yourself and your family to check who you are lending money to, especially if it is out of the remit of the FSA and what your guarantees are. Nobody has a "right" to safe savings.

And please don't talk about killing yourself, even in jest.

Yes I agree, being Crown Dependencies the FSA doesn't apply to them, nor the bank guarantee, but they may be sympathetic to the locals given the odd relationship in law.

This is what is posted on the GFSC website; http://www.gfsc.gg/content.asp?pageID=541

Its out of their remit.

Should our government bail out icelandic savers too?

Why not bail out the whole world?

Taken from their website :

You can go here for moral support from others in the same boat: http://www.moneysupermarket.com/community/...nsey-26064.aspx

Yes, look deep into your daughters eyes and make a fresh start with her and the rest of your family.

Paul Lewis said on BBC news earlier today that offshore compensation was dependent on the actual state of Landsbankis actual cash held. As opposed to the UK government bailing Icesave in any event.

If you listen to the Iceland PMs statement this afternoon, he implied that they do actually have some cash hanging around.

I would hate to get your hopes up, though it may have some legs.

Don't listen to some of the twats on here giving you a hard time.
If they had £65k hanging around, which i assume you have worked hard for, they would do EXACTLY THE SAME.

There is a possible precedent.

Northern Rock Guernsey, as a subsidiary of Northern Rock, is covered by the UK Treasury unlimited guarantee. Since HMG have stated that they will guarantee all savings in Landsbanki for UK savers, they may just extend it to a CI subsidiary.

I'll keep my fingers crossed for you.

There seem to be a group of people in your situation gathering here:

http://forums.moneysavingexpert.com/showth...html?p=14814257

At least some posters seem to think it is seized in Guernsey receivership and may have some frozen funds in it for Guernsey savers. If nothing else, there is strength in numbers when trying to get redress.

I know its easy for me to say but the post above is spot on. Your family & daughter are the most valuable thing in your life, they arent replaceable but the money is. Fingers crossed for you, my gut feeling (based on nothing I'm afraid) is you'll get something back but even if you don't move on. We all came into this world with nothing and go out of it with the same.

Sorry for being clichéd & good luck.

I don't wish to be nasty & I hope the OP gets every penny of his money back ...

but

As these Channel Islanders refuse to be a proper part of the United Kingdom of Great Britain & Northern Ireland they can hardly start mewling like babies when they don't fall under the protection of my country in instances like this Happy to take the tax breaks, aren't they?

This is true. I spoke to NR Guernsey last week as I'm thinking of opening a Euro account with them and they're definitely covered by the UK Treasury guarantee. With any luck, something similar will apply to Icesave Guernsey.

I would suggest writing a letter to your local MP, or Channel Islands equivilent, and also think about digging around the internet to find other depositors - strength in numbers and all that.

I really feel for you mate, and I'm keep everything crossed for you. Please let us know how you get on.

PS
Ignore some of the tossers on this site, they didn't receive enough love as children and now hate the world.

This is true. Guernsey is a very close knit community, I would approach your members of parliment or equivalent, get the Governer involved - Contact the press, make a fuss, it will be the only way in the end to reunite the deposits with the rightful owners.
I wouldnt wait around for the UK lot to do anything, we havent exactly got the wolf away from the door ourselves, far from it.

At a time when people who run banks into the ground can walk away with multi-million pound bonuses, I would say not.

Wishing to avoid paying tax to the current government sounds like an excellent idea, purely on general principle, and ignoring any (minor) financial benefits.

think you'll find that there is an initial withholding tax of 15% on the interest held offshore now, rising to 35% (?IIRC?) by 2010 or something like that. so holding funds overseas is starting to be almost pointless now, i guess.

good luck to the OP - like others have said, ignore some of the a-holes on here. you know who you are.

i have some money in icesave and feel like i have dodged a bullet today.

I feel the same way right now. Just got released from hospital after operation to remove feckin' huge abyss on leg. Diabetes related. Turns out heart is ******ed too. Damage done. Only 33.

Too ill to move, even to get wound dressing changed, let alone work. Self-employed so cannot get benefits.

Unlikely to get paid for last 4 months work. Big tax bill coming up. Having to support family both in UK and Thailand. GBP in collapse against Baht. Can't get back home. Currently on a mattress on concrete floor.

Don't care any more.

Interesting that there are directors of the Guernsey branch. Seek immediate legal advice - there is a possiblility you could investigate sueing them personally for knowingly running an insolvent business.

Seriously, it may not look like it now, but you have better times to come. Money, it's nothing, as a previous poster said and as I always say to my son 'nothing's that bad, ever'.

If you want some hope read the poster Serpico's post throughout this thread.

http://www.housepricecrash.co.uk/forum/ind...35126&st=15


He lost everything (materially), but came through the other side with his dignity and state of mind in tact.

I've been on this site for a few years - check in most days - the above thread is the best ever IMHO.


I hope things work out for you, ignore the cretins who delight in others' misfortune.

You have years of joy ahead with or without that 65k, family is everything.

Yeah, just like the banks in fact, private when there are profits to be had and the going is good and nationalised on the way down when they go bust.

So, OP, do you live in the Channel Islands - why else would you have put money there ? If you are not UK tax resident, you could have put it anywhere without paying UK tax, so why Guernsey ? And can I ask (politely) did you not check what the cover was from a proper independent source rather than just reading their blurb ?

Channel Islands would fight tooth and nail NOT to have the guarantee exercised over these accounts, I suspect.

I fear you're going to get nothing, BTW - Iceland is busy giving two fingers to everyone because it makes no difference... they are being straight - there is no money....

I am totally disgusted that there are over borrowed home 'owners' still being allowed to withdraw equity on their homes while people are losing their life savings.

Christ, how dare the govt allow people to stay in homes they have borrowed huge sums to buy, while savers lose everything.

How dare the govt give a rate drop to over borrowers so they are better off by, in total, millions of pounds a month, while savers lose everything.

We need to kick up a stink.

This can't be allowed to happen.

This reads like you're taking the pish.

I'm still not sure whether you are or not, Bebe

Sorry to hear that Mr Parry, I guess the news is crushing. I know it's not totally relevant, but my father in law was given 5-10 years to live after being diagnosed with heart problems. It's over 20 years now, he's on a shit load of pills and isn't running any marathons, but his quality of life is good and he's happy - 6 grandchildren, no mortgage and his bills are paid every month.

You'll need to give it time. Time to get you're head around the situation and find out what your options are. You're intelligent enough, so you'll find a way of adapting. It won't happen over night and a certain amount of 'feeling down' is normal as you adjust and come out the other end - to a certain extent it's a coping mechanism.

So hold in there and ride it out.

D

Thing is chavs don’t have savings so Gordon knows he can steal savings and not loose any votes.

Mr Parry hope you get back on your feet soon as poss that sounds sh*t.

I have perm damage to my health too and I'd give all my dosh to have my health back! I don't if that helps, OP...

Oh and having a daughter is the best thing ever!

Rachel

Excellent bit of perspective there, ER

Mr Parry, I too have a long term illness. I take each day,one at a time and enjoy what I can when I can. My tastes have become very simple and my outlook is much changed. Remember that this too shall pass. I hope your feeling better soon, keep your chin up.

To the OP, I have two daughters and they are my life. There is no amount of money can replace a parents' love ,and if that is all you have to give it will be enough. Don't despair yet, sometimes it all turns out O.K.

Gasket,
what are you saying. The only point of banking in Guernsey is to pay less tax, surely? If you want low risk (and to pay tax) then invest in the UK. If not, it is a gamble. Why the hell should I pay?

If you had money in Icesave, then I'll be reimbursing you through my taxes, entirely against my will. You get the cash back, and you'll get the higher interest ratetoo. But don't worry I'll pay for from tax on my UK savings where I got a much worse rate of interest. As someone said elsewhere, you've been bought off with someone else's money. Think about that.

If anyone had a shred of decency they'd refuse the bailout money or accept it and give it charity. You took the higher interest and you took the risk, now you're going to take the bailout from those who didn't invest in dodgy overseas bank. Have you no shame? Will you give your ill gotten gains to charity?

That is a bit rich optobear. I would have assumed GUERNSEY was covered by the UK. We had the luxury of knowing these Icelndic banks were going to go eventually - but not everybody did. Yes some took risks to get a meagre rate on their money by any standards nobody did this to get rich quick - but only to protect themselves from inflation. I am angry that I as a taxpayer I should have to bail out these banks too - but I am not angry with the investors - I am angry with our treasonable Globalist Government - because they know precisely what they are doing (from the Lisbon Treaty to de regulating the banks).

If you want to get angry - get angry with those that allowed this to happen - not with the investors.

I truly hope you get your money back Guernsey Investor and I truly hope you remember the knavish politicians we probably deserve as a people.

Sh*t Mr P, hope you've cheered up a bit when you read this. Why won't you get paid?

Like other posters have said, family is more important than money. There's loads of people worse off than you. Get healthy first, then go again. You're clearly a resourceful bloke who can stand on his own 2 feet. Lots of life ahead of you, most of it will be better than today. You are not alone being in the sh*t today.

good luck man

Higher real returns (from a combination of interest rates and tax status) is still higher returns and that equals more risk. Are you saying that we shouldn't allow people to invest where they want? Shall the government just take all money, make all decisions, choose what food people eat, and arrange their whole lives? I certainly don't, I want people to be free to make their investment decisions, and I want people to take the consequences good or bad. If they take risk, and get higher returns, then great. If they take risk and lose out, then I don't want to pay.

In the US it is described as privatise the profit, socialise the losses. I don't like it.

As to the status of Guernsey, if it was the same status as Clapham high street, then there would be no need to run special schemes there. Of course it is different.

I agree that people ought to get angry, ought to get on to their MP, ought to write to journalists, even riot. But I also don't think people should have benefited from being bailed out. They don't have to claim the money, or they can give it to charity. That would be the moral stance. People who've been bailed won't want to hear that, they didn't feel they were making a speculative investment, didn't think the rates were that great. And you know what? They weren't good returns for the risk involved, it was a dreadful deal. However, why should the tax payer make up for their poor judgement?

As far as I know you are not covered by the UK FSCS, however Guernsey has its own FSA so I suggest you check them out. I lost about £35k in 1989, sounds like your young enough to bounce back, good luck.

Oh dear.

Not very nice for you, but you pay little / no tax, you are not part of the UK. You need to ask your own equivilent of the FSA.

Anyway, this is off-topic isnt it?

I also hope that people get their money back, but not from me as a British taxpayer if they chose to minimise their tax by banking in Guernsey. People should get their savings back only those who are paying taxes in Britain for the money. Guernsey has always been the place to put your money to save paying taxes. Fair dos but when the system that wasn't supported doesn't support you then you can hardly blame the system. Sorry but if we are all going to batten down the hatches then it has to depend on what you have at least attempted to contribute. Although I do feel sorry for people who have lost the lot.

how should i know. i was merely correcting your usual factual inaccuracy which you have poorly camoflaged in a stream of moral indignation.

i merely expressed some sympathy with the position of the OP.

HMR+C are investigating those who have money overseas & haven't paid tax on it in the past, although they seem to be taking their own sweet time over it.

why the OP invested in guersney i have no idea. why don't you ask him if it matters that much to you.


nope - the FSCS is funded by levies on firms authorised by the FSA. wrong again. hey guess what - icesave paid into this fund as, believe it or not, they were regulated by the FSA.


will i? - i doubt that. i do expect to get the capital back but not the accrued interest.

my (small amount) of money in the UK branch of icesave was with an FSA regulated bank with a UK division and a deposit protection scheme. i paid tax on interest. my taxes go to support the FSA. the interest rates were OK, sometimes in the best buy tables, sometimes not. if the return on interest was any higher than elsewhere, then i would have paid more tax accordingly.

since i paid more taxes on interest than otherwise would have been the case, i would have expected that the FSA would have done a damned sight better job of using my extra taxes regulate the bank.

if they can't do accurate risk assesment, what chance do average people have? Where have you put your money? do you spend your evenings reading up on the solvency or otherwise of banks you have deposited money into?

listen to saturday's radio 4 moneybox podcast - icesave wasn't involved in subprime etc. the UK MD was saying everything was fine. the advisor to the icelandic PM said they would stand by the icelandic compensation scheme.

were these gentlemen lying? be careful here, the laws of libel apply to posting on the internet.

by tuesday the bank had been forcibly put into receivership by the icelandic government & questions raised over whether the icelandic compensation scheme would kick in or not. there is still uncertainty about this.

at this stage there is still confusion as to whether

i) the receivership means that their assets are less than their liabilities.
ii) it may be an issue of liquidity rather than insolvency. people panicking and pulling their funds out. no bank can cope with large numbers of depositors pulling their funds out without having to close the doors. this might happen to a bank which you hold money in one day. if you have less than £50K (or whatever the threshold is at the time) then the FSA scheme will kick in.


i refer the honourable gentleman to the answer above.



nope - i was going to stuff it in the nationwide or somewhere but i've decided i'm going to convert it into used £20 notes.

then i'm going to strip naked and rub the money all over myself, while thinking of you.

This reads like you're taking the pish.

I'm still not sure whether you are or not, Bebe unsure.gif

Hi!

No way am I extracting the urine! I am genuinely totally disgusted that savers are being allowed to lose money like this when over borrowed home 'owners' get to keep their homes.

Everyone knows it's not fair, despite all the crap about how it's yer own fault if you put your money anywhere except where it MIGHT be safe at any particular time.

This chap and his partner were in the middle of having a baby when things started kicking off. Why should he have been constantly shifting his savings around when he had more important things to do?

Stop blaming savers. Start blaming and penalising borrowers.

rate cuts for businesses ok. rate cuts for homeowners . . .

I feel really sorry for the OP. I hope he gets some good news.

Please keep us informed of any developments as after reading your post I hope to hear a decent outcome. Please contact the FSCS:
http://www.fscs.org.uk/
enquiries@fscs.org.uk
Customer Services Team: 020 7892 7300

If they cannot help they may be able to help point you in the right direction. Maybe even try the citizens advice bureau: http://www.citizensadvice.org.uk/


Good luck and I really do hope you get your money back. Please do keep us informed.

I'll be thinking of you and their other savers, as I really don't like seeing anyone caught up in this mess.

Some of the comments on this thread are truly sickening and just plain spiteful. Seems to me like some are envious and very bitter because they could never hope to save that kind of money for themselves. Optobear in particular, get down off your bl00dy high horse you moron. You obviously don't have children to worry about or you may view the OPs situation slightly differently!
Not everybody can be as savvy as some of the posters here would love to believe they are (ho feckin ho), but that's no excuse to attack individuals who believed rightly or wrongly that they were placing their life savings in the safe hands of a bank-that's right a bank, not a casino, or a high risk stock fund or even unit trusts or some other bullsh1t get rich quick scheme; a plain old savings account. You know those things that only 12 months ago were not considered high or even medium risk (even offshore ones) by the vast majority.
Deos!, explore all avenues and investigate the compensation scheme which applies to your circumstances depending on where you reside and don't let this (or some of the toxic avengers on here for that matter) get to you-you'll get through it and I really wish you all the best and hope you get at least some of it back. More importantly, don't let this spoil those first precious months of your daughter's life-they are truly irreplaceable

OP - you may be interested in this: http://www.iwantmymoneylandsbanki.com/

Also, you should be contacted by the administrators sometime 'within a month'. Not good for your worry levels, so I do suggest you speak to professionals at FSA or CAB as my previous post.

I really doubt that the CAB will be able to help for a Guernsey related request. It was made clear everywhere that offshore accounts were not protected by the UK compensation scheme. CAB are overwhelmed at the moment with people with UK based debt.

Deos! is there any update?

I think most of us would like to know how things are.