But he insisted more action was still needed and repeated his calls for a cut in interest rates and greater protection for UK deposits.
He also said that "leaks and rumours" surrounded the dramatic fall in Royal Bank of Scotland's share price yesterday.
"It's substantial – it's very substantial," SNP leader Mr Salmond said of Chancellor Alistair Darling's rescue package on BBC Radio Scotland's Good Morning Scotland programme.
"For the first time we've seen action to open up medium-term funding which has been one of the missing links in the previous attempts to help the situation.
"So that's welcome."
But more needs to be done, Mr Salmond added.
"I think there will have to be a decisive cut in interest rates to restore confidence in the real economy and I still think more assurance will be needed for depositors.
"But let's accentuate the positive shall we – this is a substantial package and addresses one of the missing links in previous attempts to stabilise the system."
The Treasury plan sees eight UK banks and building societies – including RBS, Barclays, HBOS, Lloyds TSB and Nationwide – signing up to an initial £25 billion scheme.
And the Government said it stood ready to make at least another £25 billion available for other eligible institutions.
The Bank of England is also extending the existing £50 billion Special Liquidity Scheme to £200 billion, while a further £250 billion being pumped in under a debt guarantee scheme.
Mr Salmond said
speculation surrounding the future of Royal Bank of Scotland chief executive Fred Goodwin was "not helpful" while the stabilisation package was being announced.
"It doesn't respond to the enormity of the challenge that everybody's facing and doesn't really address the seriousness of the position for families and countries around the country," said the First Minister.
He hailed RBS – where he worked as an oil economist before entering politics – as one of the "best performing and profoundly strong" financial institutions in the world.
"The fact that it came under such pressure yesterday is an indication of the very peculiar, unusual circumstances of leaks and rumours that were circulating around yesterday," he said.
"I'm sure everybody who was in that process would have much preferred that hadn't happened when they look back – but it does show any institution can come under pressure."
Mr Salmond said Government should "fire all the guns in its locker" to tackle the situation, including interest rate cuts and depositor guarantees.
"Show authority and confidence and then you will find the markers start following you, as opposed to you following the markets."
Mr Salmond accepted that 98% of depositors are covered by current protection measures.
But he said the remaining 2% covers accounts of local councils, housing associations, voluntary organisations and companies.
"They can account for between a third and a half of all deposits.
"That's what I've called for protection to be extended to all depositors – to give people an absolute cast iron assurance that they don't have to move their money about looking for safe havens."
It is hoped that the measures announced by Mr Darling today will provide the capital boost needed and help restore confidence to get banks lending to each other again.
But the Government is demanding that in return for the public-backed cash injection, banks must cap executive pay and shareholder dividends and commit to supporting lending to homebuyers and small businesses.
Mr Salmond said he had "no difficulty" with the cap on executive pay.
"That's part of the lesson that people will have to learn across the sector," he said.
"I think pay curbs will be widely welcomed by the public."
The full article contains 631 words and appears in The Scotsman newspaper.
