By Panithan Onthaworn

 

The Pheu Thai Party on Monday urged the government to defer a planned reduction in the state guarantee of bank deposits, citing the fragile economic situation and the possible public distrust in financial institutions.

 

Lertsak Pattanachaikul, a Pheu Thai MP and member of the party’s economic team, said that Thailand is experiencing an unprecedented economic crisis.

 

The change in the protection rate may “trigger distrust in financial institutions and a surge of withdrawals,” Lertsak said. He also warned of the potential harm to the fiscal system.

 

Full story. https://www.thaienquirer.com/31017/pheu-thai-urges-government-to-defer-cut-deposit-protection-rate/

 

-- © Copyright Thai Enquirer 2021-08-10

 

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from link - The new rate will still completely cover the deposits of 82.07 million account holders at 35 financial institutes, or 98.03 per cent of all account holders in the country’s banking system, according to the DPA.

 

Odd that near 100% retirees using bank deposit route need near to the million in the bank but 98% of Thais don't have the same amount in the bank. 

Pheu Thai are right of course but will probably be ignored, money flows out will get faster

1 hour ago, RichardColeman said:

from link - The new rate will still completely cover the deposits of 82.07 million account holders at 35 financial institutes, or 98.03 per cent of all account holders in the country’s banking system, according to the DPA.

 

Odd that near 100% retirees using bank deposit route need near to the million in the bank but 98% of Thais don't have the same amount in the bank. 

I think this is 100% rubbish, fake numbers......Sure loads of Thais dont have 1 million in the bank but no possible way only 2% of Thais only have 1 million in the bank..

1 hour ago, redwood1 said:

I think this is 100% rubbish, fake numbers......Sure loads of Thais dont have 1 million in the bank but no possible way only 2% of Thais only have 1 million in the bank..

I often think many have no idea how much they have in the bank, judging by the way the lady in front of me puts the card in again to confirm she really can't draw 5000 out today. 

With dozens of banks and half a  dozen big players in most provinial capitals /large towns I can have 6 million and wife same distributed over 6 banks..I don't think Peua Thai supporters need worry over those with even more who can certainly use a furthur 20 other deposit holders in BKK.So it is practical for a couple to have probably a million dollars in baht guaranteed locally and employ a nong to carry all the passbooks.

 

Now if our readers worried what to do with surplus millions kindly forward to me I will invest wisely

 

Su Grabbit and Run, Parked near Airport, Port Harcourt Nigeria.

The lowering of bank deposit gurantee has been known for a decade or longer, but only when it happens and appears in the news, it become an urgent political matter; cases like that makes me think of politic populism.

Talked to the Govt Savings Bank near here. They confirmed their deposits are guaranteed by the government to cover 100% of the deposit.

I would appreciate if others could confirm.