Extension Of Full Deposit Insurance Period To Boost Confidence

[george]

Extension of full deposit insurance period to boost confidence: BoT

BANGKOK: -- The proposed extension of the full deposit insurance period to three years from the current one year period will help boost confidence among depositors, according to the Bank of Thailand (BoT).

Sorasith Sunthornkes, BoT assistant governor supervising the Financial Institution Supervision Group, said the central bank agreed in principle to the extension of the deposit insurance period.

He said details of the proposed extension would be raised for discussion with the Finance Ministry.

However, it is unclear how much and which form of deposits would be insured after three years.

"The central bank agrees in principle to the proposed period extension because it views the move can restore depositors' confidence. Details of the period extension will be submitted to the cabinet for consideration on Tuesday," he said.

-- TNA 2008-10-28

[Seneque]

However, it is unclear

Definitely !

[ballbreaker]

Doe this mean they plan to modify the current Deposit Insurance Act that took effect in February of this year.

http://thailawforum.com/news/2008/news-June3-08.html