The time line of the Landsbanki Guernsey Fiasco       

Depositing Money in Guernsey, can seriously damage your wealth,

Ask any Landsbanki Guernsey Depositor

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Chief Minister's photo usurps LGDAG Press release

The Guernsey Depositors Compensation Scheme

THE GUERNSEY FINANCIAL SERVICES COMMISSION

Site Administrators blog

          DEPOSITORS COMPENSATION SCHEME

A lot more will be said about this in the near future. Suffice to say it is totally insufficient and would not cover the headline figure of £50,000 of your savings, should another bank go down. 

The scheme is operated  by an independent Board which is seperate from both the Guernsey Financial services Commission and The states of Guernsey. They have a new website  at  www.dcs.gg 

Colour coding will show associated subjects

30th November 2011	Deputy DeLisle questions the Chief Minister Lyndon Trott (Audio)  in the States Assembly regarding what Guernsey's Government have done politically for the landsbanki Guernsey depositors since his visit to Iceland in August 2009. Deputy Trott's reply is long and rambling but boils down to, nothing!
4th November 2011	Guernsey Press report on the LGDAG reaction to that ruling and a response from the Policy Council to LGDAG Comments
3rd November 2011	Guernsey Press report on the Icelandic Supreme Court ruling
2nd November 2011	LGDAG issue a media statement regarding the findings of the Icelandic Supreme Court, statement by matthew Dorman
31st October 2011	DeLoittes have placed an update on the rulings of the Icelandic Supreme Court. That ruling appears to leave the Landsbanki Guernsey depositors as ordinary creditors who will probably receive nothing, agains the UK Councils who have been made priority creditors and be repaid
24th August 2011	DeLoittes have placed an update on their site regarding the current situation in iceland regarding the legal action being taken by lawyers on behalf of the landsbanki guernsey depositors. It is ongoing and has spread out into a number of directions.
25th January 2011	DeLoittes, the Liquidators of Landsbanki Guernsey publish their report on the Commissioner's meeting held in the Royal Court Guernsey on the 19th January 2011
19th January 2011	The Landsbanki Guernsey Liquidators Commissioners meeting held at the Guernsey Royal Court in which the Liquidators suprisingly announced that they were in a position to pay Landsbanki Guernsey Depositors a further 17.5%, making a total return of 85% around 7th Feb 2011. Objections were also raised at the same meeting by two depositors regarding the FOREX and their inequitable treatment. The Guernsey Press gave a good report on the proceedings
15th January 2011	Two former senior executives of Iceland's failed Landsbanki bank have been arrested over allegations of market manipulation. Ex-Landsbanki chief executive Sigurjon Arnson and Ivar Gudjonsson, the bank's former head of corporate finance, were ordered to be detained in connection with the institution's collapse.
17th December 2010	UK Financial Services Authority Press release, that the Depositor Compensation will rise to 100,000 Euros (approx £85,000) as from 31st december 2010. Contrary to what the Chief minister told the Guernsey states at the depositor Compensation debate at the end of september 2010.
16th December 2010	The European International Monetary Fund group (IMF) produce their report on Guernsey. This is a 600 page report split into various sections. The comments that will be of most interest to most Landsbanki Guernsey Depositors and Guernsey retail banking depositors have been selected at the following two links. 1) The Guernsey Depositor Compensation Scheme 2) Comments on the Guernsey retail Banks & GFSC
15th December 2010	Guernsey Gazette Officielle notice on the Landsbanki Guernsey being placed into Liquidation.
8th December 2010	GFSC, Guernsey Financial Services Commission issue a statementregarding the liquidation of Landsbanki Guernsey.
7th December 2010	DeLoitte the Administrators go to the Royal Court in Guernsey to apply to have Landsbanki Guernsey ltd placed into administration. Their application is accepted, which means the bank can no longer act as a bank under the administrators and the GFSC have to withdraw their licence. See the figures at a glance
3th December 2010	DeLoitte the Administrators feel it necessary to issue a statement on their website contradicting the speculative comments by the Chief Minister and state that the figures have not changed from their estimates of 85-91%..
3th December 2010	The LGDAG email all deputies expressing their dismay at the Chief Ministers speculative comments in the States, that the Landsbanki Guernsey depositors will get back more than 100% of their money. He failes to back up his statement.
24th November 2010	Chief Minister Lyndon Trott, makes a statement in the States Debate on the Guernsey depositors Compensation Scheme which informes the assembly that certain elements believe that the Landsbanki Guernsey depositors will get back more than 100% of their money. He failes to back up his statement.
16th November 2010	Neil Dickens, Chairman of the Landsbanki Guernsey Depositors Action Group is interviewed on Radio Guernsey regarding the DeLoitte release.
16th November 2010	DeLoitte release their 4th report on the administration of Landsbanki Guernsey. They will be applying to the Royal Court on the 7th December for the Liquidation of Landsbanki Guernsey. It is anticipated that there will be an up to 7.5% payment to depositors in January 2011.
29 October 2010	A reply is received from the Chief Minister and Policy Council to LGDAG response to the Policy Council's reply to the first Lgdag letter. It still fails to answer the questions asked by the LGDAG and can find no fault with the Promontory report, which is rather predictable.
24 October 2010	The chief Minister Lyndon Trott is on the Radio Guernsey Phone-in. Jenney Kendal Tobias is the interviewer. A number of Landsbanki Depositors ask questions by email, but as usual not a single question is answered. An audio will be availible shortly.Listen to his response
07 October 2010	The LGDAG reply to the Chief Minister/Policy Council response to their letter of the 10th August. Once again the reply from the Chief Minister totally lacks transparency and fails to answer the questions fully
04 October 2010	The LGDAG having read the transcript issue a Press release
02 October 2010	A short Press release states that the LGDAG will issue a ststement after thery have had a chance to see a transcript of the Q & A's between the Chief Minister and Deputy DeLisle.
30 September 2010	The LGDAG receive a reply from the Chief Minister and policy Council to their letter to them of 10th of August 2010. The letter address all the points made and will be analised, before any reply is considered
29 September 2010	The States of Guernsey Meet today and there were questions asked for public reply by the Chief Minister on why no update for the past year.Deputy DeLisle asked the questions and deputy Matthews asked a supplemental. A transcript and an audio are availible . A question was also asked on the raised level of depositor Compensation proposed for EU Countries. That can also be heard or read on the transcript.
27 September 2010	The policy Council Meeting due to discuss the LGDAG Letter. A number of Deputies have also been informed by the LGDAG of the way they are being treated by the Chief minister and policy Council and at least one written question has gone to the Policy Council from a Deputy.
18 September 2010	A short response from Mr Henderson by letter, stating that our letter will go before the Policy Council on 27th September 2010, this appears to have been deliberatly delayed and only pushed forward because of our second letter.
16 September 2010	As no letter has been forthcoming from the Chief Minister and policy Council in answer to the questions asked in the LGDAG letter to them of 10th August 2010 a letter is sent to mr Henderson the external affairs officer who answered our original letter. Hand delivered
12 September 2010	Iceland decides former Prime Minister should face trial .Their report says that Geir Haarde and his colleagues ought to have realised the extremely serious nature of Iceland's financial problems more than six months before the crash
06 September 2010	Guernsey retail banking deposits down by almost 2 billion , read the article and comments on the forum in the Guernsey press
04 September 2010	A response is required to Mr Van Leuvan's letter of the 26th August 2010
26 August 2010	Mr Nik Van Leuvan, Director General of the Guernsey Financial Services Commission replies to the LGDAG letter to him of the 19th August 2010
19 August 2010	The LGDAG refuse to accept the GFSC 2009 Annual Report and dispute a number of comments made in the Banking Division section of that report. A letter is sent to The Director General Mr Nik Van Leuvan, along with the evidence that backs up their statement, a copy of that letter with the evidence is sent to the Chief Minister and policy Council
11 August 2010	LGDAG receive a reply from Policy Council/CM's Secretary on letter sent 10th Aug 2010. Chief Minister out of Island, Letter will be placed before the next Policy Council meeting 23rd August 2010 and discussed and a more substantive reply will be sent.
11 August 2010	Icelandic Winding Up Board continues to ignore Landsbanki Guernsey Depositors by refusing again to accept them as priority creditors. The only alternative now is the District Court of appeal in Reykjavic. READ PRESS RELEASE by LGDAG
11 August 2010	Heritable Bank 5th report in administration by Ernst & Young
11 August 2010	Landsbanki Guernsey depositors, hold a General meeting at the St Peter's Community hall to discuss developments and critisise Guernsey's Government for their total inaction in helping depositors.
10 August 2010	The Landsbanki Guernsey depositors Action Group send a letter to the Chief minister and Policy Council, as the depositors have not had any Government update since The Chief Minister visited Iceland on 6th August 2009.READ LETTER
20 July 2010	The Scottish Outer House, Court of session  publish the findings of a case  and opinion of lord Glennie in the note of The Winding-up Board of landsbanki Islands hf ( The Noters) against Margaret mills,  Patrick Brazzill,Thomas burton & Alan Bloom, the joint Administrators of Heritable Bank Plc ( respondents)  READ THE FILE   ( You will need a degree in Law)
19 July 2010	Guernsey's Depositor Compensation Scheme Board produce their first annual report. It still doesn't make things any clearer regarding some of the questions that have been posed to them. After asking you to" contact us" with any questions on their website, having asked a question the standard reply is, "'The Board does not, as a matter of policy, give advice on specific questions relating to the Ordinance".
12 July 2010	European Commission decides to increase Depositors Compsentation to €100,000 and to ensure that it is paid within seven days READ MORE
14 July 2010	Guernsey Press do an article on the GFSC and "more scrutiny" required. The forum below the article has 26 comments decrying the GFSC and its inaccurate statements and its self denial over the Landsbanki Guernsey fiasco READ THE FORUM
10 July 2010	GFSC release itsannual roport for 2009. It includes a banking division report that is full of self praise of its actions during the banking crisis especially its actions over Landsbanki Guernsey. I think the depositors would tend to disagree with them and one depositor certainly does.
8 July 2010	Chief Minister Lyndon Trott responds to a letter to the Guernsey press by Kate Barrett. Once again he twists the actual events to suit his own political ends. READ MORE
20 May 2010	Michael Casey who writes for Dow Jones and Wall Street Journal, was in Guernsey on Tuesday 18th May 2010 to speak to Landsbanki depositors, he also spoke to the Chief Minister Lyndon Trott and Director of Banking at the GFSC Philip Marr.
20 May 2010	The third list of claims and decisions has now been published by the WUB at http://lbi.is/creditor-information/Claims.aspx.
26 April 2010	A 2000 page Icelandic report ( HERE ) is released and parts of it emphasise the inadequacy of the financial regulators and the fact that they were well aware of serious problems as soon as March/ April 2008 but failed to warn depositors and they were allowed to continue depositing in Landsbanki Guernsey and Heritable and Icesave in the UK. A precis of relevent parts of the report has been done by Iain Martin of Citywire. Read the full article
23 April 2010	The Telegraph does an article on the Ministry of justice report and how it vindicates the Landsbanki Guernsey Depositors when they said that guernsey Government were doing nothing to help depositors. Policy Council & GFSC  come up with their usual unconstructive, misleading replies
7 April 2010	Penny from BBC Radio Guernsey interviews Deputy Matt Fallaize from the Scrutiny Committee, regarding a Public type inquiry into the Landsbanki Guernsey Fiasco and as to whether that is likely to happen. Deputy Fallaize feels the scrutiny Committee is the wrong group to carry it forward, and that further time should pass before pursuing this option. But that there are questions to be answered.
7 April 2010	Landsbanki Guernsey Administrators update  The Administrators are hoping for a further payment later in 2010, but will be circulating depositors re future payments and whether its worth issuing small payments because of the costs involved
1 April 2010	Deputy Chairman of LGDAG Guernsey is interviewd live on BBC Guernsey radio by Gary Burgess regarding the ministry of justice report and how it vindicates the Depositors for the pressure they had been putting on guernsey's government for action on their case. (listen to Interview on Audio page)
31 March 2010	An email is sent to all Guernsey Deputies pointing out that the Chief Minister's release to them, regarding the Ministry of Justice Select Committee report doesn't quite cover all the points of the report and is misleading to say the least. No change there then.
30 March 2010	Uk Ministry Of Justice Select committee report on Crown Dependencies released. Generally welcomed, but proves without doubt that Landsbanki Guernsey Depositors were not represented properly by The UK Treasury and became " Collateral damage" to the UK's interests. Written & verbal witness statements
06 March 2010	Iceland votes in a referendum by 90% not to repay the UK and the Netherlandsthe £3.5 billion used by the UK & Netherlands to repay Icesave depositors
02 March 2010	Landsbanki Guernsey Depositors held a general meeting at the Catel Douzaine room, in Guernsey to discuss recent events, Guernsey's Government, the GFSC and Objections to the Icelandic Winding up board. Minutes will be availible on the secure side of the LGDAG website.
24th February 2010	The WUB have accepted the objection list for further consideration.
24th February 2010	A Letter reply to deputy Carla Mcnulty Bauer at Commerce & Employment in answer to the letter of the 8th February below. Since her reply the winding up board have rejected the Guarantee for landsbanki Guernsey depositors.
24th February 2010	Chief Minister circulates all deputies with his slant on the LGDAG statement regarding the Icelandic Winding up Board's decision on the Landsbanki Islands hf guarantee. The LGDAG recirculat the Deputies correcting his statement.
18th February 2010	The Objections are submitted to the lawyer in Iceland for presenting to the WUB. These are the ones that have been submitted through the LGDAG Website
17th February 2010	The GFSC, would only issue a statement and not respond to questions by Channel television when approached over the decision by the winding up board to reject depostitors claims under the guarantee
17th February 2010	Press release by the LGDAG regarding the decision by the winding up board to reject the claim by Landsbanki Guernsey depositors under the Landsbanki Islands hf guarantee. Raises more issues re the credibility of the GFSC.
15th February 2010	Letters are received from the Winding up Board (WUB) rejecting our claims generally and in every respect under the guarantee. A decision that was not entirely a surprise and an objection will be submitted immediatly to that decision. Depositors had already prepared for the objection which had to be returned to the WUB by 24th Feb 2010.
15th February 2010	The Email sent to all deputies is sent to the editor of the Guernsey Press as a letter to the Press for publication. Appears in Press 15th Feb in full.
8th February 2010	A reply is received at last from Deputy Carla Mcnulty Bauer at Guernsey Commerce and Employment regarding the LGDAG request for a Public inquiry into the putting into Administration of Landsbanki Guernsey
6th/7 February 2010	An e-mail is sent to all Deputies, bringing to their attention the Select Committee inquiry going on in the Isle of Man into KSF IOM and their FSC & Depositors Protection scheme. A copy of the CM's reply to us is attached. Remind them we want Public Inquiry
26 January 2010	Deputy Carla McNulty Bauer from Guernsey Commerce & Employment has failed to respond since her last email 19th dec 2009. A further reminder is sent. Guernsey States are unbelievable inefficient.
8 January 2010	Expected timing of payment of third dividend to creditors and release of third interim report to creditors.  Deloitte update
8th January 2010	Deloittes paperwork goes out to depositors anouncing the 12.5p repayment, but 85-90% may take some years to recoup that amount.
6th January 2010	Deloittes clarify current situation regarding referendum in iceland over repayments to UK & Netherlands. Also 12.5p for depositors.
5th January 2010	A new documentary on Landsbanki Guernsey is released by the website "The Bank that Sank".  The Documentary
5th January 2010	5th January 2010  Icelands Prime Minister allows the country to go to a referendum on the repayment to Britain & the Netererlands
31st December 2009	Iceland approved Icesave repayment deal. Icelands Parliament approves a deal to repay £3.4 bn lost by savers in Britain and the Netherlands when the Country's banking system collapsed
19th December 2009	A response from Carla McNulty Bauer, a couple of days after Policy Council meeting. We will hear from her around 11/12 Jan 2010 according to her response after a reminder.
17 December 2009	Response from the Chief Minister and policy Council regarding Matthews letter and report demanding Public inquiry. Short and sweet. Fails to address any points made.
17 December 2009	Announcement by Administrator of an 11-12.5p payment in January 2010 and that the Administrator would be remaining until 6th January 2011
16th December 2009	ICC meeting with the Administrators of Landsbanki Guernsey
10 December 2009	As no reply from Commerce and Employment Carla Mcnulty Bauer a further letter is sent to prompt some action.
December 2009	Expected timing for payment of second dividend by the Administrators of Heritable Bank Plc  (Heritable)
25 November 2009	A letter is sent by Eric along with Matthew's report demanding a public inquiry to Deputy Carla McNulty Bauer at Guernsey Commerce and Employment
23 November 2009	Open Creditors meeting to be held by the winding up Board in Reykjavic
19 November 2009	Deloittes release Update on winding-up board decisions.
5th November 2009	Lord Hunt review of finance in Guernsey. International Advisor comment
2th November 2009	Reminder letter sent to Trott regarding the public enquiry report submitted to him on the 17th October 2009.
Midnight 30 October  2009	Deadline for returning papers to the Icelandic winding up Committee
28th October 2009	Foot Report independent report for the UK Government on the offshore financial centers. Emphasised what LGDAG had been saying on The Guernsey Depositors Compensation scheme.
26th October 2009	Deloitte update for Landsbanki depositors, January 2010 expected payment.
24th October 2009	Today Guernsey's Chief Minister is in Shanghai attending a finance conference at taxpayers expense. He will be one of 64 speakers.
17th October 2009	A new report demanding a Public Enquiry into the GFSC, The FSA and the States of Guernsey Government over the putting into Adminisration of Landsbanki Guernsey has been submitted to Chief Minister Trott and all States Deputies.   CONFIDENTIAL LETTERS between GFSC & FSA are referred to
8th October 2009	A weak response from Trott on Radio Guernseyin response to the Landsbanki Guernsey demonstraton, who turned their backs on the Guernsey Government.
7th October 2009	Landsbanki Savers turn their back in the states. See home page
7th October 2009	The First Anniversary of Landsbanki Guernsey going into Administration.
5th October 2009	A letter to the Guernsey Press from Matthew Dorman, showing just how ineffective the Guernsey Government has been. A weak reply referring only to the Chief Minister's letter to the GP of 26th Sept 2009.    Read.
2nd October 2009	"Depositors are no would-be thieves." A poignant letter to the Guernsey Press from Mark Ashby.  Read

 

BELOW:THE TIME LINE OF EVENTS FROM 1997 UNTIL 1st OCTOBER 2009

	1997
1997	Licensing of CheshireGuernsey
	1998
November 1998	The Edwards report , a review of Financial regulation in the Crown dependencies. This report recommended  that a Depositors Compensation Scheme be introduced and also a Financial Ombudsman. Neither happened.
	2002
February 2002	Guernsey Financial Services Commission (GFSC) produce an extensive consultation document introducing a Depositors Compensation Scheme into Guernsey. It fails, apparently through lack of Bank interest and no political will. (Government Negligence). GFSC would not disclose views submitted, as confidential.
	2006
7th August 2006	Letter from Cheshire Guernsey, to customers informing of possible purchase by Landsbanki Group.
September 2006	The GFSC was asked to approve the acquisition by the landsbanki Group of  the Guernsey subsidiary of the  Cheshire Building Society.
September 25 2006	Landsbanki Islands hf provide a legal document Guarantee but that is never signed by Landsbanki islands hf
25th September  2006	Letter from landsbanki Guernsey regarding the acquisition of Cheshire Guernsey, with a paragraph: For your comfort and security, Landsbanki has given an undertaking to honour all the obligations of Landsbanki Guernsey Ltd. Signed, Halldor j Kristjansson Group Managing Director and SigurjonTArnason , Group Managing Director.
	2007
26 September 2007	Fitch Ratings report, “Heritable Bank Ltd,” “Heritable Bank Ltd’s (Heritable) long and short term IDR’s and support ratings are based on a guarantee of materially all its obligations from its parent Landsbanki Islands (LB) of Iceland
	Liquidity is tight with only a small proportion of liquid assets on the balance sheet. Mitigating this Heritable has a committed credit line of £200 million from its parent
	The Credit line of £200 million has been extended until Dec 2008, this is needed as the lavel of liquid assets  on the balance sheet is low.
31st December 2007	Heritable Annual report 2007, The Company had a bilateral committed line of credit of £400 million provided by Landsbanki, due for repayment Dec 2010, £178 million outstanding.
	2008
April 2008	GFSC allege FSA fully aware of their close interest in LGL and matters relating to Heritable (See letter GFSA to FSA  6 Jan 2009)
21 April 2008	Letter from  Dr Jeremy Quick to Mr Stephen Funnell explained concerns and sought confirmation, Heritable self-standing-firm
25 April 2008	MrFunnell, FSA, responded stating that Heritable met the FSA’s capital and liquidity guidelines. Heritable was a  UK orientated  self standing firm with limited  Icelandic risk. ( see full text in letter GFSA to FSA 6 Jan 2009)
May 2008	Landsbanki Guernsey diversifies its balance sheet
22nd May 2008	Fitch ratings: “Iceland Special Report”, Regarding problems in Icelandic parent banks liquidity and potential of sovereign support. Given the size of the Icelandic banks relative to GDP (900%) and the lack of foreign parents with deep pockets 6, it is hard to imagine the authorities could distance themselves from a systemic crisis, particularly because of banks huge net external liabilities (200% of GDP).
11th July 2008	Mr Stuart Bailey of GFSA wrote to MrFunnell asking for the FSA’s confirmation that Heritable was ring-fenced  from Icelandic risk.
16th July 2008	MrJohnBrennan of the FSA responded in writing, stating, I can confirm that our assessment of Heritable’s exposure to Icelandic risk has not changed materially  from Stephen’s letter of 25th April 2008…. (More detail in letter GFSC to FSA 6 Jan 2009)
GFSC Comment	The information provided to us by the FSA in April and July 2008 was a key determinant in our permitting funds to be placed with Heritable, as explicitly  stated in Dr Quick’s letter of 21st April 2008
29 September 2008	Nationalisation of Glitnir Bank hf , GFSC increased communication with FSA.
30 September 2008	Moody’s places landsbanki on review for possible downgrade.
1st October 2008	LandsbankiIslands hf sold the majority of its overseas corporate finance and brokerage business to raise funds.
Fri 3rd October 2008	GFSC understands FSA intervened at Heritable and again on Monday 6th Oct to prevent  any payments being made by Heritable to LGL. Deposits with Heritable were repayable on demand………..  ( See full text  GFSC to FSA 6th Jan 2009)
6th October 2008	It became apparent to the GFSC that Heritable was dependant on Uhf for its liquidity and it also became apparent that the FSA had allowed heritable to become substantially dependent on Uhf for its liquidity without advising the GFSC.
6th October 2008	Landsbanki islands hf ceases trading on the Icelandic Stock exchange.
6th October 2008	Landsbanki Guernsey directors inform GFSC of increasing outflow of funds. Adv.Peter Harwood (Chairman GFSC) immediately communicated that information to the Chief Minister (His statement Guernsey press 15th Oct 08) and repeated to members of the policy Council at a meeting later that afternoon. (Denied by Charles Parkinson in answer to a Question by Deputy Le Sauvage, States meeting although policy Council did receive a briefing as regards outflow of funds at Landsbanki that afternoon.
6th October 2008	States members addressed at St James by GFSC, but none aware of the impending implications of Landsbanki Guernsey, in fact most appear to have come away feeling everything would be ok. 12 of those present vote to assist depositors should a bank go down (academic vote at that time, but soon to be a reality)
Tues 7th October 2008	Landsbanki Guernsey Placed into Administration in early hours, Approx 1600 depositors, 600 of whom Guernsey residents are owed around £120 million
Tues 7th October 2008	Heritable placed into Administration in the UK
Tues 7th October 2008	Icelandic Government dismisses the board of Directors of Landsbanki, the Islands second largest bank in value and puts the bank into receivership.
Tues 8th October 2008	The Icelandic Government takes control of Glitnir, the third largest bank in Iceland, buying a 75% stake for 600million euros.
Tues 9th October 2008	The Icelandic Government takes control of Kaupthing, its largest bank.
13th October 2008	GFSC writes to Icelandic Prime Minister (or regulator , they have stated both)  regarding the £36 million up streamed to Heritable and the £12 Million up streamed to Landsbanki islands hf,  as well as the parental guarantee. Letter followed up on several occasions.
16th October 2008	Landsbanki Guernsey Depositors receive a repayment of 30p in the £ from locally retained funds in the bank.
17th October 2008	Policy Council Statement attempting to make things sound better than they are
22nd October 2008	Guernsey Chief Minister meets Iceland Finance minister whilst on Conference and obtains hi Mobile phone number
24th October 2008	Iceland asks the IMF for $2 billion in aid to help fix its ecomnomy and restart currency trading
5th November 2008	Letter MatthewDorman to LyndonTrott
10th November 2008	Letter LyndonTrott to MatthewDorman
14th November 2008	Chief Minister meets Icelandic Ambassador in Brussels, not necessarily because of Landsbanki.
14th November 2008	Landsbanki Depositors hold first formal meeting of Depositors, over 100 attend
19th November 2008	IMF approve $2.1 billion loan to Iceland. $3 billion comes in from Nordic Countries, Russia & Poland.  $5 billion from Britain ,The Netherlans and Germany. About $10 billion in all.
21st November 2008	“The Horse has bolted” Guernsey Passes a Depositor Compensation Scheme not backdated.
24th November 2008	Landsbanki Depositors Action Group have meeting with Chief Minister LyndonTrott, Treasury Minister, CharlesParkinson, Chief Exec.MikeBrown at Frossard House. His message is, no taxpayers money , but “never say never”. The Guernsey Government has attended two meetings with HM Treasury. This has secured their agreement to represent Guernsey’s interest in diplomatic discussions with the Icelandic Government.  There were physical meetings with her Majesty’s Treasury, on the 24th October 2008, 4th February 2009, 3rd March 2009, 21st May 2009,(States meeting, 29th July 2009) (informationed only gained from States meeting of July 2009), (So what date was the second one before 24th November2008) ?
26th November 2008	GFSC takes whole page in Guernsey Press to “ Clarify Misconceptions over Landsbanki Gsy Collapse”. Many of their comments very defensive.
10th December 2008	Lord Bach appears before Treasury Select Committee and shows how little he knows as to what’s going on. (He’s Ministry of justice who are meant to represent Guernsey).
10th December 2008	NeilDickens, JansonBewey and DavidBenda  meet up with Rod Hewitt at Ministry of justice. It brought to light just what Guernsey Chief Minister had not been telling us
19th December 2008	Landsbanki Guernsey depositors Action Group submission to the Treasury Select Committee hearing, copied to Chief Minister.
	2009
6th January 2009	GFSC release an abridged version of the Promontory report for Public consumption led by Michael Foot CBE
7th January 2009	Second meeting with Chief Minister Trott and the LGDAG. The Chief Minister can’t wait to read out the Promontory findings at the opening to the meeting:
13 January 2009	LGDAG letter to all Deputies informing them of the lack of information being circulated. Two suggestions for a PDCS. This drew a quick defensive response from the Chief minister (14th January 2009)
18th January 2009	LGDAG respond to the Chief Minister’s defensive responsive to all deputies, going through it point by point.
26th January 2009	Icelands ruling coalition falls apart when prime Minister Haarde says he is resigning. Two days later the Social democrats are given a mandate to form a new Government
28th January 2009	Questions by Dep. RhoderickMatthews in the States. Chief Minister lists all he has spoken to regarding Landsbanki Depositors, including Icelandic Finance Minister, Icelandic Ambassador to EU, but meetings believed more for Public impression than useful dialogue.
29th January 2009	LGDAG  (MatthewDorman & NeilDickens) held a meeting  with four UK Treasury  Civil servants and two reps from Ernst and Young. Guernsey’s problem, implied that Justice department should be heading up the constitutional requirements.
29/30th Jan 2009	MatthewDorman meets up with the Icelandic Ambassador for the second time. The Ambassador was unaware of meetings between Guernsey Government and Icelandic Finance Minister.
1st February 2009	Iceland’s Government changes, Mr.SteingrímurJ.Sigfússon became Minister of Finance on February 1st 2009. Replacing Arni Mathiesen who the Lyndon Trott had been dealing with.
3rd February 2009	LyndonTrott  & PeterNeville give Evidence at the treasury Select Committee hearing
3rd February 2009	CONFIDENTIAL LETTERS, that passed between the GFSC & the FSA in Jan & Feb 2009 have to be submitted as written evidence to the Treasury Select Committee
9th February 2009	First ICC meeting between ICC and Deloitte.
12 February 2009	Emma Berg-Apton,  Offshore personal savers – “Dispelling the Myths”.
13 February 2009	A letter from the LGDAG rejecting the accuracy of the minutes of the meeting with the Chief Minister on January 7 2009 as being too inaccurate and over a month late in delivery, and only then after a number of requests.
13th February 2009	Landsbanki Guernsey is still advertised on the Guernsey Chamber of Commerce website.
20th February 2009	Petition is submitted to Her Majesty Queen Elizabeth 11 from her Landsbanki Guernsey Subjects, Petitions also submitted from Jersey and Alderney.
22nd February 2009	Chief Minister interrupts Radio Guernsey and makes offer to meet all Landsbanki Guernsey Depositors, rather than just the few.
25th February 2009	Landsbanki Depositors confront states members at the entrance of the Royal Court and hand out documents outlining their plight.
3rd March 2009	Chief Minister reneges on offer to meet Landsbanki depositors, even though they have invited him to address their meeting
5th March 2009	Radio Guernsey broadcast the fact that the Chief minister has reneged on meeting with Landsbanki Depositors, early news, by 0900hrs the news has changed to threats against Chief Minister, what convenient timing, considering Frossard house would not issue any details. Later found to be an old threat, reissued to counter news on renege by Chief Minister.
31st March 2009	Treasury select Committee Conclusions printed…..”We can only recommend that the UK Authorities work with the Isle of Man and Guernsey authorities to resolve these issues.
23rd May 2009	Chief Minister meets UK MP Vince Cable amongst others, we later learn that Vince Cable was less than impressed as regards the meeting.
6th June 2009	Iceland agrees to reimburse Britain and the Netherlands, compensating people holding Icesave accounts at Landsbanki.
16th June 2009	Members of the LGDAG lobby members of the Commonwealth Parliamentary Association and hand out letters explaining their situation.
17th June 2009	John Towler takes a whole page in the Guernsey Press to take Guernsey to task.
29th June 2009	Earl of Wessex written to prior to visit to Guernsey. His secretary replies expressing the Earls sympathy with the depositors , but that the Earl is unable to become involved.
10th July 2009	Landsbanki costs help to push the GFSC into the red ??
15  July 2009	Findings under the Freedom of information act regarding meeting between Guernsey Government , Ministry of justice and UK Treasury are released.
17th  July 2009	Iceland applies to join the EU
22nd July 2009	A letter is sent from the Landsbanki Guernsey Depositors Action Group to all Guernsey states Deputies bring them up to date, as they get no information from the Chief minister.
29th July 2009	Guernsey States meeting, Deputy David DeLisle puts questions to Chief minister re Landsbanki Guernsey. Deputy Guille asks a stooged question to lead CM into speech in which he announces his visit to Iceland, but without details and refuses further questions, An interesting forced answer by Bailiff to a question by deputy Barry Brehaut
29th July 2009	It is believed that mounting pressure on the Chief Minister Lyndon Trott has forced him into at last appearing to take some action. We will see.
August 2009	Consultation on parental up streaming and the introduction of Depositor Protection  and Ombudsman schemes. By the Guernsey Financial Services Commission
4th August 2009	The LGDAG send a letter with proof to Mr Van Leuvan (GFSC) showing that the due diligence carried out by the GFSC back in April May 2009 was sadly lacking and appeared totally reliant on the UK FSA for its information on Heritable Bank.
6th August 2009	The Chief Minister, Lyndon Trott in the company of The Chief Executive Mike Brown and a Professor Sutton, travel to Iceland for meetings with the Icelandic Finance Minister and others over two and a half days. The Chief Minister has apparently delayed his summer holiday to attend Iceland.
7th August 2009	GFSC. Nik Van Leuvan “ The FSA let us down somewhat in the Landsbanki Affair.” So the GFSC is trying to lay all the blame at the UK FSA for their own lack of due diligence.
10th August 2009	Policy Council release a statement on the Chief Minister’s visit to Iceland, but it’s the usual say nothing, lots of adjectives. CM straight off on holiday.
11th August 2009	GFSC replies to LGDAG, basically saying everything is confidential and we would need to revert to legal action to see documents. Funny how can documents that prove you carried out your job correctly be confidential?? Unless of course they don’t prove it
11th August 2009	Landsbanki Depositors hold a general meeting at the Indoor Cricket Centre, approx 60 to 70 depositors attend.
15th August 2009	Landsbanki Depositors receive a further 25% repayment of monies owed. This still leaves them 45% out of pocket.
24th August 2009	The proof regarding the GFSC was passed to the Editor of the Guernsey Press who will hopefully print it and obtain a reply from Nik Van Leuvan.
9th September 2009	The Administrators receive permission from the Royal Court to go ahead with legal action against Iceland.
26th September 2009	Chief Minister, Lyndon Trott writes a personal letter to the Guernsey Press. Old rhetoric, fails to address new issues re GFSC Negligence.
26th September 2009	An article in the Times shows up Guernsey's Government for failing to assist the Depositors.
28th September 2009	"Is it safe to invest offshore" by Guernsey Press, shows up the inadequacies of Guernsey's Depositor Compensation scheme as stated by " The Times"
Thursday 1st October 2009	Landsbanki depositors General meeting at the Catel Douzaine room
Midnight 30st October 2009	Is the closing date for all claims being submitted to the Iclandic Winding up Committee for Landsbanki hf, claims should be submitted on an individual basis. More information on the LGDAG website.