Danske Bank’s Managing Director Peter Straarup says he is happy with the rescue package for the banking sector – but it has come too late. The parties behind the agreement were too slow in reacting.

“Denmark’s package came on a day when the international financial sector ran amuck. It would have been better if it had come 14 days earlier,” Straarup tells Berlingske Business.

No wand
He hopes that the national rescue plan, which has been tabled by Economy and Trade Minister Lene Espersen (Cons.) can dampen the crisis.

The package is expected to be carried tomorrow, but Straarup is not sure what effect the package will have.

“I don’t have a magic wand. It is difficult to see what is needed. There is a danger of a meltdown. Investors are afraid that even the most gilt-edged issues are not good enough. That’s why the money is moving to government bonds where they are absolutely safe,” says Straarup.