Nov. 7 (Bloomberg) -- Ambac Financial Group Inc. has a stable business model, is ``extremely solvent'' and is unlikely to need direct help from the federal government, Chief Executive Officer David Wallis said.

``We have lots of money in the bank,'' Wallis said in an interview today with Bloomberg Television. ``We are absolutely a solvent entity. We are not going to Treasury with a banking problem. This is an issue in relation to getting ourselves back to the market, giving people confidence, and providing the lubricant to the markets.''

To contact the reporters on this story: Christine Richard in New York at crichard5@bloomberg.net

Last Updated: November 7, 2008 09:08 EST