What would happen if a Bank goes down?

[scubascuba3]

During the previous financial crisis, in the UK it took 3 months for me to get refunded for money i had at Icesave, so it's not a quick process

[saengd]

2 minutes ago, scubascuba3 said:

During the previous financial crisis, in the UK it took 3 months for me to get refunded for money i had at Icesave, so it's not a quick process

In post 158 above I refer to an article that states:

 

In outline the article says that DPA can refund money to depositors within 30 days using PromptPay. 

[Vigilante]

What happens if a bank goes under?

1. Govt re-imburses acct holders up to 5 mil (for now)

or...

2.Reimburses but not up to  the total amount (haircut)

or

3.No re-imbursement

 

Ok..I covered all 3 potential senarios

It will all depend on how deep this crisis gets imo

[Max69xl]

19 minutes ago, Vigilante said:

What happens if a bank goes under?

1. Govt re-imburses acct holders up to 5 mil (for now)

or...

2.Reimburses but not up to  the total amount (haircut)

or

3.No re-imbursement

 

Ok..I covered all 3 potential senarios

It will all depend on how deep this crisis gets imo

This is from Bangkok Bank:

https://www.bangkokbank.com/en/Personal/Tips-and-Insights/Save-and-Invest/Practical-advice-on-deposit-protection

[Leaver]

On 3/27/2020 at 4:10 PM, Max69xl said:

This is from Bangkok Bank:

https://www.bangkokbank.com/en/Personal/Tips-and-Insights/Save-and-Invest/Practical-advice-on-deposit-protection

I don't think the below can be relied upon, in the current circumstances.

 

"From August 11, 2019 Thai Baht Deposits are protected under the Deposit Protection Agency Act up to a maximum of 5 million baht per one depositor per financial institution until August 10, 2020."

[saengd]

delete

[SwissCheeseMan]

On 3/27/2020 at 3:29 PM, Max69xl said:

This thread is about what happens if a bank goes down. BoT and every Thai bank follows international banking regulations and until August this year up to 5 million baht is covered,then it's 1 million baht. Only very ignorant people, pessimistic people and conspiracy theorists (you can find all three categories here on TV) are worried about this and can't sleep. 

Who is providing this cover?  Is it the Thai Government?

[morrobay]

Did any Thai banks fail in 97. Seems if push comes to shove the baht can just be devalued to cover losses.