Guernsey savers fail to benefit in Government’s Landsbanki rescue package

| October 28, 2008 | 0 Comments

Icelandic bank, Landsbanki, collapsed earlier this month as a result of the global credit crunch, resulting in thousands of savers unsure whether they would get their money back.

It was announced over the weekend that Britons with deposits in Icesave, the e-savings brand of Landsbanki, should receive their funds in full by the end of November.

However, according to the Landsbanki Depositers Action Group, more than 2,000 Guernsey-based savers, mostly British, are facing financial disaster as they are not part of the Government‘s Landsbanki rescue package.

Daniel Herzberg of the Landsbanki Depositors Action Group said they feel deserted by the Government. Guernsey-based savers pay UK tax and NI contributions, hold a British passport but risk losing nearly their entire life savings unless the Government takes action to ensure they receive the same assistance that it has given to onshore savers, explains Mr Herzberg.

According to Mr Herzberg, many of the savers are pensioners and expats and are hard working people that have been prudent by saving for a comfortable retirement. They include teachers, nurses, doctors and retired military personnel.

Mr Herzberg concluded by saying that the uncertainty is causing pensioners a lot of distress and action is needed immediately.

Tags: , Guernsey, Icesave, Landsbanki

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