Finance ministry spokesman explains guarantees for savings

1. Wide of German Finance Ministry spokesman Torsten Albig after news conference 2. Wide of Albig walking down stairs 3. SOUNDBITE: (German) Torsten Albig, German Finance Ministry spokesman: "The state can always guarantee the deposits, the deposits are backed by the third-largest national economy in the world. Chancellor Merkel and the finance minister made this clear yesterday. In Germany, one can rely on a strong, three-step security system. First, there is the compulsory deposit insurance up to ninety percent of the deposits, maximum 20-thousand. Above that, there is the contractual deposit guarantee by the commercial and savings banks as well as the member of the cooperative financial services network. Additionally, this is now backed by the word of the chancellor and the minister that not one depositor will lose even one euro because of the crisis." 4. Albig talking to journalist 5. SOUNDBITE: (German) Torsten Albig, German Finance Ministry spokesman: "It is not about working against each other. Yesterday's solution in Germany helps in Germany, it does not put pressure on our partners in Europe. As usual, we will discuss this together as partners in Luxemburg or in Brussels." 6. Wide of Albig talking to journalist STORYLINE: The German government defended on Monday Chancellor Angela Merkel's pledge to guarantee personal savings amid ongoing market turbulence. Finance Ministry spokesman Torsten Albig reiterated on Monday Merkel's guarantee, and explained the system of checks and balances in place that ensured that "not one depositor will lose even one euro because of the crisis." Albig also stressed that the German solution will not put pressure on European partners and that the solution will be discussed "together as partners in Luxemburg or in Brussels". In a joint statement, Merkel and her Finance Minister Peer Steinbrueck said the government would guarantee private bank accounts, and some 568 billion euros (785 billion US dollars) in personal savings and checking accounts as well as time deposits, or CDs. But Merkel's spokesman insisted that despite a lack of concrete details, the statement was aimed at quelling fears among people that their savings could be wiped out. The move came after Merkel's government this weekend announced a new bailout package totalling 50 billion euros (69 billion US dollars) for Hypo Real Estate, Germany's second-biggest commercial property lender. In Brussels, the European Commission was initially positive over Merkel's statement, saying that Berlin had informed Brussels before the chancellor made it public. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/2570a1c2470255e9bdb4caa9d42dcf0b Find out more about AP Archive: http://www.aparchive.com/HowWeWork