PM issues reassurance that nation's banks are stable

 

 

BANGKOK, 29th September 2017 (NNT) – The Prime Minister has given an assurance that the five banks offered special risk managment measures are still stable and only received the measures to ensure stringent control. 

Prime Minister Gen Prayut Chan-o-cha has acknowledged that the Bank of Thailand’s announcement that Krung Thai Bank, Kasikorn Bank, Siam Commercial Bank, Bangkok Bangkok and Ayuthaya Bank are now subject to special regulations has been a cause of public concern but explained that the measures are only to further strengthen their stability and bolster foreign confidence in the performance of Thai financial institutions.

 

He assured the public that all five banks are stable with reserves two to three times beyond the minimum requirement. 

The PM asked that citizens be confident in the banks and continue to engage in normal financial activity, noting the country recently rose in worldwide economic competition rankings.

 

-- nnt 2017-09-29

Errr, ok. Now I'm worried.

When assurance is needed, there is always a reason to worry.

It was a translation mistake, we all know it was a translation mistake, sometimes it's best just to keep your mouth shut.

and they are slowly dropping the guaranteed coverage of deposits

http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN

 

 

 

 

Why does he have a big gold halo, like a Byzantine icon?

2 minutes ago, Jeremy50 said:

Why does he have a big gold halo, like a Byzantine icon?

As my Irish grandmother used to say: "A halo only has to slip six inches and it becomes a noose!"

Pick the truthful answer:

 

The checks in the mail.

 

I won't c*m in your mouth.

 

The bank deposits are safe.

https://www.google.co.th/url?sa=t&rct=j&q=&esrc=s&source=web&cd=7&cad=rja&uact=8&ved=0ahUKEwj3rvH4j8nWAhWLto8KHb7XD7EQuAIIPDAG&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DYPIsTKpAoE4&usg=AFQjCNFD8h-eKUGigh9MDpo5Bk5QWmuN5Q

too big to fail, eh nudge nudge

1 Million guarantee , good enough for our 800K mandatory deposit.

I will be less worry if he didn't open his mouth. The last time he said something assuring like Yingluck's whereabout was wrong. And that assurance of election........never mind. 

The first step in banking failure is when authorities say everything is OK.

4 hours ago, webfact said:

The PM asked that citizens be confident in the banks

Now, where have we heard that before? And how many times?

4 hours ago, webfact said:

The PM asked that citizens be confident in the banks and continue to engage in normal financial activity, noting the country recently rose in worldwide economic competition rankings.

Rose from where, exactly?

Time to get my FCD with Kasikorn closed.

 

I noticed that the Baht was tanking against most currencies in the past 3 days, but now I know the reason.

 

Looks like foreign traders know something, which super general denies as usual.

3 hours ago, taichiplanet said:

and they are slowly dropping the guaranteed coverage of deposits

http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN

 

 

 

 

Maybe they know something we don't about the real state of Thai banks and their future health.

The 4 Questions

 

Do I trust you ?

Do I believe you ?

Do I like you ?

Do I want you as PM ?

Batton down the hatches a storms coming. 

1 hour ago, Krataiboy said:

Maybe they know something we don't about the real state of Thai banks and their future health.

Obviously 

I'm worried ! But what alternatives ??

1 hour ago, Jonmarleesco said:

Rose from where, exactly?

Construction is booming! They build plastic beaches everywhere.

6 hours ago, taichiplanet said:

and they are slowly dropping the guaranteed coverage of deposits

http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN

 

 

 

 

 

That plan has bee around some time and has been put back for the original time scale.

 

But they haven't introduced the law that the government can automatically seize depositors savings should a bank need bailing out as the UK and other EU member states have. 

 

And the comments on the five Thai banks were similar to those issued before on US and European banks.

 

The whole industry relies on too big too fail, close links to government, and an avoidance of real criminal liability apart from a few cases.

We just had an incoming 1 million baht wire transfer dissappear for 10 days here. The run around we got from the bank was mind numbing.

 

The money finally posted yesterday and no one at the bank will address the delay or that there was even a problem. The US bank confirmed the money was here with proof of the send.

 

The news of risky Thai banks made us really nervous with the timing of the lost wire. I think we're going to start moving money out of here next week. I had a bank account in Cyprus when they had their banking crisis, I'd prefer not to deal with that again. 

 

The more they say everything is OK, the more we worry.

4 hours ago, Baerboxer said:

But they haven't introduced the law that the government can automatically seize depositors savings should a bank need bailing out

They could Article 44 that within in hour.

8 hours ago, BuaBS said:

1 Million guarantee , good enough for our 800K mandatory deposit.

When push comes to shove I wouldn't mind betting it won't apply to foreigners...

10 hours ago, Boss said:

I'm worried ! But what alternatives ??

Keep it in cash , except for the 3 mandatory months for extention of stay.

If the banks were really in trouble , they first would lower interest rates like in the broke nanny states. But they left it at 1,5 %.

State guaratee on deposits in europe , japan or the US , mean nothing because those states are more than broke >>> bail ins.

Thailand is still healthy financialy .

The Baht is "Tanking".....by about 0.25 of a Baht in 4 days against the Dollar .....if it was 2.5 I might take some notice

and if it was 25 Baht I would start to use the word "tanking". Maybe ? and rubbing my hands but not yet.
When it comes to Number Crunching, cover ups, and manipulation of information the Wiley Oriental Gentlemen are past masters.... 

 

Saying that there's no problem is more likely to cause a run on the banks than saying nothing.

Quick down the bank and get your money out fast as he cannot tell the truth on any subject.