Britain will introduce legal changes to ensure that banks' creditors take losses before deposit holders are affected, the financial secretary said on Wednesday.

The government intends to introduce changes so that deposit holders are above bank creditors when a bank is being wound down, financial secretary Greg Clark said.

"This would ensure that bank creditors take their fair share of losses," Clark told a financial industry conference.

The aim was to avoid a bailout of any bank by the taxpayers and to ensure that deposit holders' money remained protected.

(Reporting by Huw Jones; writing by Sven Egenter)