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MADRID, Sept 30 (Reuters) - Spain on Tuesday assured savers their savings were not at risk and the Spanish financial system was sound as financial turmoil slammed banks in northern Europe.

"With available data, we think that the Spanish financial system is in no danger," Economy Minister Pedro Solbes told a news conference. "The system is reasonably comfortable and is not in a comparable situation to other countries."

Asked if Spain was considering a bank deposit guarantee plan like Ireland, Solbes said it already had one.

"Spain can count on a strong deposit guarantee system," Solbes said of an existing fund operated by the Bank of Spain which covers up to 20,000 euros in all Spanish bank accounts. "Citizens should know that their savings face no risk in no institution."

Solbes said Spanish banks faced pressure obtaining liquidity and were at risk to a prolonged crisis in money markets.

SPAIN IS DIFFERENT

Thus far, Spain's biggest banks including Santander and BBVA have emerged relatively unscathed from the global financial turmoil.

The Bank of Spain ascribes this to tough regulation that limited their exposure to off-balance sheet investments in U.S. subprime mortgages and higher reserve levels than in other countries.

Solbes said the pace and level of U.S. turmoil had taken European policymakers by surprise as they designed a regulatory road map to improve financial supervision.

He supported isolated European bank rescues such as the Benelux bailout of Fortis and Britain's decision to buy up Bradford & Bingley's 50 billion pound loan book.

"It can be an attractive option with a company that faces great difficulties," Solbes said. "Each country is taking decisions according to their own particular circumstances and we view their actions as positive for the whole system."

Solbes has previously ruled out rescuing Spanish property developers crippled by the country's housing market meltdown.

(Reporting by Andrew Hay, Manuel Maria Ruiz; editing by Chris Pizzey) Keywords: SPAIN SAVINGS/

tf.TFN-Europe_newsdesk@thomsonreuters.com

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