FACTBOX: Europe scrambles to shore up bank sector

(Reuters) - European governments have followed Germany's lead in offering deposit guarantees to savers in a frantic effort to calm fears among investors over the worst financial crisis in 80 years.

Following is a breakdown of the key measures national governments have announced:

GERMANY Germany said it was considering a nationwide "umbrella" to shield its banking sector from market turmoil, a reversal in policy which underscored growing government concerns.

A day after Berlin pushed through a weekend rescue for German lender Hypo Real Estate and announced a federal guarantee of over 500 billion euros ($679.5 billion) in private bank deposits, German Finance Minister Peer Steinbrueck said a "Plan B" for the domestic financial sector was under discussion.

German Chancellor Angela Merkel wants those responsible for the financial crisis to help solve it, her spokesman said.

ICELAND

Iceland's government scrambled to avert a fully-fledged market meltdown, with the banking minister saying the drafting of a plan to help the financial system was "well under way."

Iceland, hoping to bring home desperately needed foreign currency, has asked pension funds to repatriate cash. It has already been forced to rescue one bank -- Glitnir.

BRITAIN

Britain promised to protect ordinary savers but said it was seeking details on Germany's plan before taking action. Prime Minister Gordon Brown will speak to Merkel by telephone later in the day.

British bank shares fell sharply amid fears the government would seek partial ownership in return for support.

Finance Minister Alistair Darling will update parliament later on Monday after saying on Sunday that he was "looking at some pretty big steps."

IRELAND

Last week, the Irish government unveiled the first such plan, which guarantees the deposits and debts of six Irish-owned banks for the next two years, following a panic-stricken day for Irish financial stocks. It was quickly passed into Irish law.

Ireland's central bank chief said decisive action was needed to protect the stability of the economy and the financial system. But the scheme has already triggered inflows of cash from neighboring Britain into Irish banks, angering many there who say the move is anti-competitive.

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