Anxious British savers seeking to take advantage of the blanket guarantee on deposits offered by the German Government may be disappointed.

A spokesman for a German bank said today there was uncertainty about the precise terms of the guarantee being offered by Angela Merkel, the Chancellor. He said: “We have been flooded with calls from savers in this country asking whether they are covered and at this stage we simply don’t know. The position is equally unclear for savers from other countries who either have, or want to open, a German savings account.”

Even if it eventually turns out that foreign depositors are covered by the guarantee, UK savers would have to clear some pretty formidable hurdles before they can open a German bank or savings account.

To start with they would have to travel to Germany to open the account in person at a branch of a German bank. They would need to take their passport as proof of identity and could be asked, in accordance with money-laundering laws, to show where the money came from. The German bank spokesman said: “If the money came from the sale of a car it would be wise to bring the sale receipt with you. In the same way if the money came from another bank account it would be sensible to bring a bank statement relating to the account.”

He added: “Given the uncertainty over who is covered by the guarantee it would appear unwise for UK savers to take any steps towards opening a German bank account at this stage.”

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