The president of Government Services Savings & Loan of Bethesda denied yesterday the association is in financial trouble and charged that disgruntled former employes are behind an effort to oust him.

President Alexander R. M. Boyle and state officials, however, confirmed that because of recent losses, Government Services has fallen below the minimum reserve requirements set by Maryland regulators.

Boyle said that neither the state Savings and Loan Division nor the privately owned Maryland Savings Share Insurance Corp. are threatening to intervene in the operations of Government Services, the largest savings institution in Washington's Maryland suburbs.

Some dissident stockholders began a drive Tuesday to vote out Government Services' board of directors at the association's annual meeting Aug. 14. The dissidents said they want to fire Boyle as part of a six-point plan for halting the association's losses.

Government Services has lost $3.8 million in the past 15 months, because of high interest rates that have pushed hundreds of savings associations into financial peril.

As a result of the losses, Government Services has lost $3.8 million in the past 15 months, because of high interest rates that have pushed hundreds of savings associations into financial peril.

As a result of the losses, Government Services' reserves have dropped below the 3 percent minimum required by state regulations, Boyle said, insisting the low reserves are not a threat to the association's future.

"That doesn't mean the regulators are going to come in and clear the decks," Boyle said. "Out cash position is not an issue and liquidity is not an issue," he added, indicating the association has plenty of cash to meet requests for withdrawals.

Charles Brown, director of the Maryland Savings and Loan Division, confirmed that Government Services "is not in compliance with the reserve requirements." He said the state takes no action in such cases unless reserves are below the minimum level at the end of a fiscal year -- next March 31 for Government Services.

Reserves are funds that financial institutions set aside in cash to back up deposits. Federally regulated savings and loans are supposed to have reserves equal to 2 percent of their deposits; more than 350 of the 4,500 federal associations have dropped below that level, the Federal Home Loan Bank Board reported recently.

Maryland regulator Brown said one reason the state is not worried about Government Services' finances is that the association owns valuable real estate that it can sell to raise cash. "If they do that, they will have more than adequate reserves," he said.

The plan to sell the headquarters has been criticized by the dissident Government Services shareholder group, which is headed by Emanuel Baker Jr., owner of Town & Country Properties, a large Virginia real estate brokerage.

Boyle claimed yesterday that the dissident group is really an effort to return to power former government services president Arthur J. Phelan Jr., who Boyle said "was asked to resign" in 1978.

Boyle noted that another former employe, Fred E. Wilson Jr., now senior vice president of Washington Federal Savings & Loan, is also involved in the effort to take over Government Services.

The fight for Government Services that began Tuesday is expected to intensify in the two weeks before the annual mmeting. Both sides have prepared detailed attacks on each other and have submitted them to the Securities and Exchange Commission, which must approve in advance statements made in corporate election campaigns