FSA's Involement In Transfer

  • expatfrance1
  • 15/10/08 31/05/09
  • a depositor
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Posted: Sun, 26/10/2008 - 08:26

Looking at an early statement from the Landsbanki Guernsey Admistrator there is the following comment:-

“The Bank had taken measures to diversify its exposure to its parent company in the six months preceding my appointment. The main reason for the Bank’s difficulties has been the placing of funds with its UK fellow subsidiary, Heritable Bank, which has now gone into Administration.

This looks suprisingly like the same time frame that the FSC & FSA decided to transfer funds from the IOM to the UK.

Is this just a coincidence that two offshore regulators decided at the same time that this should be done, or do we see the hand of the FSA running through all of this?

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