Landsbanki Guernsey Crisis & Peter Niven's Inaction

Peter Niven is the Director of Finance Sector Development in Guernsey.

As one of the six Directors at Commerce and Employment, Peter’s role is to formulate and deliver policies, strategies and legislation aimed at securing and enhancing the well being of the financial services sector of the economy (whilst considering how these might impact upon other business and commercial interests).

During the Landsbanki crisis, Mr Niven has been on a political jolly to China with his boss Lyndon Trott. Another one fiddling while Rome burns.

Mr Niven did however manage a few topical quotes - inbetween mouthfuls of his egg fried rice. Readers can draw their own conclusions we reckon - but we felt compelled to add a few comments ourselves.

"I know it is terrible, but it is an isolated incident. I certainly hope this is a one-off." - We say: Yes it is terrible, what are you actually doing about it?

"Will people still have confidence in Guernsey? I think so" - We say: If it is confirmed that savers in any bank on Guernsey have lost their cash, that will be like pulling the plug out of Guernsey and watching it sink. It will be finished as a financial center. Anybody can see that. Nobody wants to invest cash in a place that is unstable, under regulated and prone to bank defaults do they?

"Guernsey is a reputable jurisdiction that is well regulated" - We say: Would you say that if YOUR life savings was in Landsbanki Guernsey Mr Niven?

Update 28th October - We discovered a new quote from the inactive Mr Niven: “It is too early to tell what lasting effects this issue will have on Guernsey’s reputation – that is something which we are watching very closely. What we can say is that Guernsey has come in for criticism from some quarters but its reputation is far from in tatters and this is particularly evident when you place everything in context.” - (The bold emphasis is ours - clearly we are "some quarters".) Peter goes on to say why he thinks this.......

He went on to say: "the vast majority of deposits in Guernsey banks are effectively ‘non-retail’ and are made up of inter-bank deposits, corporate deposits and deposits associated with other aspects of the finance industry. Despite the size of this sector however the collapse of a retail deposit taker is likely to have a much more significant effect on individual depositors and Guernsey’s international reputation among this sector of the Island’s client base."

We translate that as: "Most of our business is corporate, so we don't give a stuff about you little guys." - Responsible financial centre? You decide dear reader.

This site says: Peter Niven's comments speak for themslves. This occurred in your back yard Peter - Guernsey - and you and/or your government are doing nothing visible to assist the depositors recover their money. Depositors who believed Guernsey to be a safe haven for their personal savings. You are quick enough to promote your financial services on the world scene, but too scared to actually back depositors when it really matters. Shame on you sir!

When Landsbanki Guernsey depositors are paid in full, this site - and its content - will be took offline.

Media: Please contact Peter Niven on 01481 709767 and ask him what he is doing about Landsbanki Guernsey Savers.
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