Ordinary savers won't be left unprotected

Mon Oct 6, 2008 11:06am BST
 
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LONDON (Reuters) - The government said on Monday it was waiting for details from Berlin on a blanket bank deposit guarantee before it made any response, but said it would not leave ordinary savers unprotected.

Junior Treasury Minister Yvette Cooper said London was waiting for more detail on a surprise move by Germany on Sunday to guarantee private deposit accounts.

"We can't leave ordinary people and ordinary savers unprotected under these sorts of circumstances," she told BBC radio. "We are still expecting clarification from Germany."

Britain's Finance Minister Alistair Darling will update parliament in the financial situation later on Monday after saying on Sunday that he was "looking at some pretty big steps", but Treasury officials said there were no plans for any immediate reaction to Germany's pledge.

Cooper added: "We are prepared to take radical action where it is needed", but gave no detail.

(Reporting by Kate Kelland. Editing by Christina Fincher)

 
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