Nov. 3 (Bloomberg) -- Danske Bank A/S Chief Financial Officer Tonny Thierry Andersen said that while total loan losses on a group level have peaked, it is “too early to say that you have seen the worst” in specific countries. Ireland is “an issue” and the Baltics are “a big challenge” for banks and it is too early to say that growth in non-performing Baltic loans have peaked, Andersen said in a telephone interview today.

“Banks normally lose money when coming out of the cycle, not during it, so we are still cautious on that area,” Andersen said. “We still see some countries face challenges going forward, of which the Baltics is one area.”

Last Updated: November 3, 2009 02:53 EST