Online Forums Come To The Rescue In Credit Crunch
October 14th, 2008 by Mark Hanson 
“I have my life savings in Landsbanki Guernsey - a 5 year bond. Have I and all other savers lost everything? Is there any action we can take or are advised to take?”
This was the plea from an angry saver who had lost money in the recent debacle over the collapse of Icelandic banking system. After being given the brush off by the authorities in Guernsey he turned to the forum on Moneysupermarket to see if anyone else was in the same boat. Luckily there were hundreds of people on the site who were. You’ll see from the posting that there were hundreds of posts in the conversation started last week.
As a result they have formed an action group and are organising a mass petition. Technology is taking us back to the good old days when communities rallied round and helped each other. The web makes it easier for us to find people with similar interests or concerns, or people who have expertise that we might need. There’ll be plenty more folks who will need their community in the months to come.
Tags: Credit Crunch, forums, guernsey, iwantmymoneylandsbanki, moneysupermarket
October 14th, 2008 at 12:57 pm
The plight of savers who have offshore accounts with the collapsed Icelandic banks illustrates not only the power of online communities but also the help and reassurance they can provide. At the time of writing this reply, nearly 44,000 people had viewed the thread about Landsbanki Guernsey in the seven days since it was posted.
It has provided a point of hope for those who stand to lose their life savings, in many instances we’re talking hundreds of thousands of pounds, because of the Icelandic banking crisis and the fact the channel islands aren’t covered by the same jurisdiction that protects savers with accounts domiciled on the mainland. Rather than struggling to seek recompense on their own, affected savers have discovered, through moneysupermarket.com’s forum, that they are not alone and that there are others in the same boat. What’s more, the forum has helped unite them in their common cause and as a result they have been able to form an action group as they battle to get their money back.
Journalists have also read the comments on the forum. As a result press interest is building about this issue and exposure in the national press is just what you want when you’re trying to lobby a government to change its policy.
We obviously still don’t know whether or not the offshore savers affected by the collapse of Landsbanki and Kaupthing will be successful in their fight, but there is little doubt that their cause has been strengthened by the fact the forum has brought so many of them together - they are a much more powerful force than if each of them were seeking compensation individually.
October 14th, 2008 at 1:45 pm
Thank you for recognising our fight and community, I am very tired now an nearly lost the will to carry on fighting today, I have been in contact with my local MP also to help the cause. I stand to lose my life savings along with all the rest of the people out there.
We need to stay focused.
Moneysupermarket.com has been a blessing and I do not feel alone now which I did to begin with…. Thank you for your support.
October 14th, 2008 at 1:52 pm
I am a UK resident Russian citizen who is affected by the collapse of Landsbanki Guernsey.
The UK government cannot shun Landsbanki Guernsey’s clients because it was a “foreign bank”; it was a bank in a Crown dependancy, part of the British Isles, regulated and licensed in Guernsey. The UK Government has as much responsibility to assist investors to get a refund as they did with Northern Rock and other Channel Island, UK resident investors.
To members of the media: Please follow the links in the article above and read the long Moneysupermarket topic. This is a story that should be run in the mainstream media.
It is ironic that I have (maybe) lost money that I invested in LG that I considered potentially unsafe in Russia; yet Russia has banking guarantees and depositor protection, and Iceland has now gone cap in hand to Russia for 4bn of assistance in the crisis. How the world changes!
October 14th, 2008 at 2:27 pm
I too am exhausted with the agonising worry of the last week
Please let me quote from the Landsbanki Guernsey Brochure
SECURE OFFSHORE SAVINGS
GUERNSEY A PREMIER OFFSHORE CENTRE
GUERNSEYS SOPHISTICATED INFRASTRUCTURE AND REGULATORY ENVIRONMENT TOGETHER WITH ITS POLITICAL STABILITY PROVIDES INVESTORS WITH A HIGH LEVEL OF SECURITY
HA BLOODY HA
Jonathan Nettleton
October 14th, 2008 at 3:46 pm
We feel abandonned by the UK government and indeed the BBC whom I have yet to hear mention the plight of depositors with the Guernsey branch.
I would like to remind everyone that many of us have a liability as UK citizens
to pay taxes on our Channel Islands deposits. Why cast us adrift now.???
Is the UK treasury or the Guernsey authorities not bothered that our funds have been milked and will go to support depositors who will also be supported by the UK’s scheme.?
The Guernsey Financial Services Commission seem to be doing very little.
They must be aware that the reputation of the island is at grave risk and that
money deposited in other financial bodies is likely to flow out of the island, as a direct result of this disaster. Neither they nor the administrators want to tell us victims just what progress or otherwise is being made.
January 11th, 2009 at 3:02 pm
It is now nearly three months after the demise of these banks. I am writing this still in a state of turmoil about the return of my savings and the possibility of getting on with the rest of my life. I wish there could be future hope for our savings to be returned by the British government.
March 25th, 2009 at 9:54 am
I agree with Joe, the Guernsey Financial Services are doing far too little.
Did the whole debate start on moneysupermarket.com? Are there any other online groups that have developed to organise mass petition? Would be interested to know, Thanks.
July 11th, 2009 at 8:30 am
Dave, here are some sites with further info:
http://landsbankiguernseysavers.co.uk/
http://real-deal-blog.com/2008/12/23/landsbanki-guernsey-depositors/
http://info.landsbankiaction.org.gg/