The Landsbanki Guernsey Depositors Action Group (LGDAG) has called on the Commonwealth Parliamentary Association (CPA) to support its attempts to recover 100% of its members' savings deposited with the failed bank.
In an open letter to CPA representatives attending the organisation's International Parliamentary Conference in Guernsey, LGDAG seeks to draw delegates' attention to the plight of its members whose savings are still frozen eight months on since Landsbanki Guernsey was placed into administration.
Some 1,600 savers of the collapsed Icelandic subsidiary have so far only received 30% of their deposits with the possibility of only recovering 80% over several years, says LGDAG's spokesman, Matthew Dorman.
This is in contrast to savers in the UK, who have received 100% of their deposits, with the UK government negotiating a repayment scheme for the total sum of their savings after the bank failed on 6 October 2008.
"Despite submissions to the Guernsey authorities by both the Administrator and the LGDAG, no support has been forthcoming," says Dorman.
It says savers face the devastating prospect of losing 70% of their saving, the majority of which are British pensioners.IFAonline
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