Minor update 3 September 2009:


The proof is now printed on the GFSC page on this site . A reply received from Mr Van Leuvan, purely repeats all his old comments in the Guernsey Press, that:

1) multiple agencies had confirmed the GFSC was not to blame for the collapse (perhaps he could list them all)

2) The Promontory report, besides finding no negligence or misconduct on the part of the Commission, found no evidence  that the Commission acted in bad faith or unreasonably, nor was there evidence of regulatory failure. (Promontory's report was shallow, failed to address all aspects, made general statements, was too early to gather all evidence, was instigated by the GFSC, paid for by the GFSC and produced their own terms of reference.

3) The Joint Administrators of Landsbanki Guernsey have stated in their publicly-availible Q & A's  (No 34) that having conducted their own investigations, they are satisfied that there was no bad faith by the commission in the events leading up to the administration. ( What he doesn't tell you is that the administrators were not allowed access to all relevent documents and many have still not been disclosed to them. There is a distinct difference between "bad faith" and "neglect". If he is so confident that his arguments will stand up, why does he not answer the questions provided with the proof.)

I am sure that the LGDAG will keep pressing with their questions until a satifactory response is received.