International savers in Landsbanki Guernsey may be planning 'coordinated demonstrations' against Guernsey's 'lack of appetite' to help depositors recover their savings.
Approximately 70% of individual deposits are still at stake after the bank went into administration in October last year.
The Landsbanki Guernsey Depositors Action Group (LGDAG) says sentiments of 'grave disappointment, deflation and vocal anger' were expressed by international savers with the bank in response to the news depositors must rely on the work of the joint administrators, not the State, to get their money back.
The action group slammed the state of Guernsey as having 'no appetite' to help savers in the bank recover their savings.
Matters came to a head as distressed Landsbanki Guernsey savers packed out a second meeting to hear written responses from chief minister deputy Lyndon Trott, finance minister deputy Parkinson and chief executive Mike Brown.
Part of the reason for LGDAG's second meeting with Trott was to get his response to December's Justice Committee hearing in London. The action group expressed 'deep concern' at the second meeting about the Policy Council's lack of formal position in regard to the hearing.
However, Trott told the LGDAG that Guernsey continues to maintain an ongoing dialogue with HM Treasury and the Icelandic Government, but exact details cannot be available to savers.
The LGDAG says scepticism was rife at the depositors meeting about the alleged dialogue between the Chief Minister and the Icelandic finance minister.
It recently emerged that a 'Phantom Depositors Protection Scheme' designed to get a majority of savers' money back immediately with little cost to the taxpayer was proposed to Guernsey by the administrator, according to the action group.
Yet, depositors representatives were told it had been rejected by deputies, it says.
Following the second meeting, one local depositor said savers were 'upset and ashamed' Guernsey is the only jurisdiction during the credit crisis not to have financially supported savers in the collapse of a high street bank.IFAonline
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