Bye . Bye , Banks

[elliss]

best options .

with the requirement to have 800,000 tb .

tucked away in a thai bank ,

for the purpose of obtaining a retirement visa .

worse case senario.

what if thai banks follow ,

the trendy ,yuppy , western banks ,

and declare themselves , BUST .

could we expect the thai goverment ,

to bail out the thai banks ??.

as the righteous , british goverment has { out of our pension funds }

our can we kiss our 800.000 tb . bye bye ..

and replace it , from our own finances ..

as per visa , requirements ,of 800.000 bt

any legal eagles , on board ??

sweet dreams .

[noahvail]

best options .

with the requirement to have 800,000 tb .

tucked away in a thai bank ,

for the purpose of obtaining a retirement visa .

worse case senario.

what if thai banks follow ,

the trendy ,yuppy , western banks ,

and declare themselves , BUST .

could we expect the thai goverment ,

to bail out the thai banks ??.

as the righteous , british goverment has { out of our pension funds }

our can we kiss our 800.000 tb . bye bye ..

and replace it , from our own finances ..

as per visa , requirements ,of 800.000 bt

any legal eagles , on board ??

sweet dreams .

That's one of the reasons I use the 65,000 THB per month income option. The money comes in, the money gets spent... no questions about the security of savings, unless you figure that every country is more or less in the same boat :-(

[Chaimai]

best options .

with the requirement to have 800,000 tb .

tucked away in a thai bank ,

for the purpose of obtaining a retirement visa .

worse case senario.

what if thai banks follow ,

the trendy ,yuppy , western banks ,

and declare themselves , BUST .

could we expect the thai goverment ,

to bail out the thai banks ??.

as the righteous , british goverment has { out of our pension funds }

our can we kiss our 800.000 tb . bye bye ..

and replace it , from our own finances ..

as per visa , requirements ,of 800.000 bt

any legal eagles , on board ??

sweet dreams .

What a load of cr4p. More unnecessary panic-mongering. Check your facts first - 2 clicks got me to this:-

BANGKOK - THAILAND'S cabinet on Tuesday agreed to extend a guarantee on bank deposits by two years until 2011, to build confidence in the sector amid the global financial credit crisis, Finance Minister Suchart Thanda-Thamrongvech said.

The global credit crunch has left countries worldwide with a shortage of funds and created fear among investors that their money will not be safe in banks. 'The cabinet has approved the finance ministry's proposal to extend the 100 per cent guarantee on deposits to Aug 10th, 2011,' Mr Suchart said.

Now get back to your dreams/nightmare.

[tropo]

Nothing in life is 100% safe, even life itself. The airplane you fly in with may crash too. It does happen.

Edited February 15, 2009 by tropo

[Martian]

best options .

with the requirement to have 800,000 tb .

tucked away in a thai bank ,

for the purpose of obtaining a retirement visa .

worse case senario.

what if thai banks follow ,

the trendy ,yuppy , western banks ,

and declare themselves , BUST .

could we expect the thai goverment ,

to bail out the thai banks ??.

as the righteous , british goverment has { out of our pension funds }

our can we kiss our 800.000 tb . bye bye ..

and replace it , from our own finances ..

as per visa , requirements ,of 800.000 bt

any legal eagles , on board ??

sweet dreams .

What a load of cr4p. More unnecessary panic-mongering. Check your facts first - 2 clicks got me to this:-

BANGKOK - THAILAND'S cabinet on Tuesday agreed to extend a guarantee on bank deposits by two years until 2011, to build confidence in the sector amid the global financial credit crisis, Finance Minister Suchart Thanda-Thamrongvech said.

The global credit crunch has left countries worldwide with a shortage of funds and created fear among investors that their money will not be safe in banks. 'The cabinet has approved the finance ministry's proposal to extend the 100 per cent guarantee on deposits to Aug 10th, 2011,' Mr Suchart said.

Now get back to your dreams/nightmare.

It's my understanding that this guarantee DOES NOT extend to foreigners with deposits........just Thai citizens????????

[junkofdavid2]

So instead,

You'll keep

your money in

a western bank?

By the way,

you also can

keep the 800k

in a western bank branch

here

Like HSBC Thailand.

[Chaimai]

It's my understanding that this guarantee DOES NOT extend to foreigners with deposits........just Thai citizens????????

I quite like the phrase "all banking deposits".

"Thailand agreed in Aug to guarantee all banking deposits for one year, and a decreasing proportion of deposits for three years thereafter, with a maximum of one million baht (S$43,375) per customer guaranteed in the fifth year. "

[hhgz]

"what if..."

What if the earth crashes into the sun? What if a piece of space debris falls from the sky and conks me on the head? The world is filled with uncertainty and, if you don't watch it, you might send up elderly, retired, living in a country you really don't like, and worry about what's going to happen next. Scary.

[bartender100]

You might well see Lloyds UK disappear on Monday , well as we know it

[jcon]

Bank where the King banks - your best bet. Look it up.

[Chaimai]

You might well see Lloyds UK disappear on Monday , well as we know it

Absolutely wrong !

But nice try at scaremongering

[thaijasmine]

You might well see Lloyds UK disappear on Monday , well as we know it

Absolutely wrong !

But nice try at scaremongering

You are funny

You do like to use the word " scaremongering " dont you ? Are you the anti scaremongering police ?

These are scary times .

[12DrinkMore]

I have now moved a largish chunk of my money to Thai banks. And you want to know why?

Because

- they did not get involved in the repackaged toxic debts

- they are run on a very healthy difference between deposit rates and lending rates.

- they are 100% guaranteed by a government that has a trading surplus and large reserves

- they are run by Chinese, who are very conservative and take a very long term view

- there has been no asset bubble except in places like Pattaya and Phuket

plus

- I get excellent service from helpful and smiling staff

So please, unless you have any concrete evidence that the Thai banking system is at all shaky compared to any western country, don't try to kick it down just because you feel that "the Thais cannot ever achieve anything better than the Farang"

[midas]

- they are 100% guaranteed by a government that has a trading surplus and large reserves

I'm not disputing you but are you completely sure about this? What about this outstanding

1.4 trillion from 1997 crisis ? This is to be paid off from profits generated by the

central bank - I would just like to know how and when?

- there has been no asset bubble except in places like Pattaya and Phuket

what about fallout from another potential condominium asset bubble in Bangkok?

[Chaimai]

I have now moved a largish chunk of my money to Thai banks. And you want to know why?

Because

- they did not get involved in the repackaged toxic debts

- they are run on a very healthy difference between deposit rates and lending rates.

- they are 100% guaranteed by a government that has a trading surplus and large reserves

- they are run by Chinese, who are very conservative and take a very long term view

- there has been no asset bubble except in places like Pattaya and Phuket

plus

- I get excellent service from helpful and smiling staff

So please, unless you have any concrete evidence that the Thai banking system is at all shaky compared to any western country, don't try to kick it down just because you feel that "the Thais cannot ever achieve anything better than the Farang"

For the record, and not that it matters, I agree 100% with your comments.

[bartender100]

You might well see Lloyds UK disappear on Monday , well as we know it

Absolutely wrong !

But nice try at scaremongering

On Saturday Darling said he would not rule out nationalization of the bank , today they change their tune,they really don't have a clue

If the share prices continues to fall, they will have no option but too, OK I concede saying "Monday" was a bit of sensationalism, but this bank is screwed, and is going to need a lot more of OUR money

[midas]

You might well see Lloyds UK disappear on Monday , well as we know it

Absolutely wrong !

But nice try at scaremongering

On Saturday Darling said he would not rule out nationalization of the bank , today they change their tune,they really don't have a clue

If the share prices continues to fall, they will have no option but too, OK I concede saying "Monday" was a bit of sensationalism, but this bank is screwed, and is going to need a lot more of OUR money

Mate it should be abundantly clear to anyone that it is not " if " but " when "

[12DrinkMore]

I'm not disputing you but are you completely sure about this? What about this outstanding

1.4 trillion from 1997 crisis ? This is to be paid off from profits generated by the

central bank - I would just like to know how and when?

Hold on here, that is in BAHT, and equates to 40 Billion Dollars or maybe 30 Billion Pounds.

Which is far less than the 100 Billion Dollars they have in currency reserves.

And so far it seems that the creditors, and I don't think we know who they are, as the original debt has been turned into long term bonds, have been quite patient and undemanding about having the money returned.

Unless I have my sums completely screwed up, always a possibility with all these dam_n zeros to handle, I don't think this is a terribly onerous responsibility compared to western countries.

what about fallout from another potential condominium asset bubble in Bangkok?

The lessons were learned it 1997. There is no massive asset bubble in Thailand except for the Farang areas of Phuket, Hua Hin and Pattaya etc.

Edited February 16, 2009 by 12DrinkMore

[Chaimai]

You might well see Lloyds UK disappear on Monday , well as we know it

Absolutely wrong !

But nice try at scaremongering

You are funny

You do like to use the word " scaremongering " dont you ? Are you the anti scaremongering police ?

These are scary times .

Perhaps Thaivisa.com should have a "scaremongering" moderator Do you think I should apply ?

OK - I will try and avoid use the "S" word from now on

[bartender100]

Lloyd's finished 8% down again today, bad week coming up for the share holders

[Chaimai]

Lloyd's finished 8% down again today, bad week coming up for the share holders

Bartender, where were you when the shares recovered from 20% down (scaremongering - bugger, used that word again, on nationalisation) to only half a penny down.

My optimistic view would be that they were dragged down by insurers and other financials and the market getting no support with wall St closed.

Let's see what Tuesday brings

[flying]

Perhaps Thaivisa.com should have a "scaremongering" moderator Do you think I should apply ?

OK - I will try and avoid use the "S" word from now on

You forget extremist come in 2 flavors.

Up & Dow

Left or Right

Hot or Cold

Is it any less extreme to call everything bad that someone points out as scare mongering? I am for the most part a positive thinker when given a choice.

But if enough facts are placed in front of me I can also accept that possiblity & thus prepare as best I can for a direction those facts suggest.

Your constant calls of scaremongering is in fact a form of scaremongering

To me it is like saying.......... DONT LOOK !!!!!

Ignore the problem & maybe the problem will ignore you? Good Luck with that

[Chaimai]

Is it any less extreme to call everything bad that someone points out as scare mongering? I am for the most part a positive thinker when given a choice.

But if enough facts are placed in front of me I can also accept that possiblity & thus prepare as best I can for a direction those facts suggest.

Your constant calls of scaremongering is in fact a form of scaremongering

To me it is like saying.......... DONT LOOK !!!!!

Ignore the problem & maybe the problem will ignore you? Good Luck with that

Flying, I agree with what you say (and also a lot of the sentiment from 12D) and the answer is one of perspective and balance.

I do get frustrated with the press constantly reporting bad news. It is not all bad news - it cannot be, some people are doing nicely. I also have severe doubts about the quality/accuracy of some reporting - this is not new, they were equally poor at handling good news. The British press has a long tradition of building something/someone up and then knocking them down - they do deal at the extremes, often playing one end against the other.

I agree that we should respond appropriately to information presented before us. Sometimes we have no control over that information i.e. if Lloyds Bank is fully nationalised what can we do ? The deposits are no less safe (safer?) the pimps and whores in the stock market won't like it and there will a further depreciation of the share price - someone will make money when it recovers.

Was it the fault of the information, or the individual's reaction to it, when I witnessed a middle-aged lady paying in £26,000 at the Nationwide (in October) saying that she had moved it from the Halifax because she was worried they were going bust. On that occasion what caused the scaremongering that resulted in such an unnecessary act ?

[flying]

Flying, I agree with what you say (and also a lot of the sentiment from 12D) and the answer is one of perspective and balance.

I do get frustrated with the press constantly reporting bad news. It is not all bad news - it cannot be, some people are doing nicely. I also have severe doubts about the quality/accuracy of some reporting

Was it the fault of the information, or the individual's reaction to it, when I witnessed a middle-aged lady paying in £26,000 at the Nationwide (in October) saying that she had moved it from the Halifax because she was worried they were going bust. On that occasion what caused the scaremongering that resulted in such an unnecessary act ?

Sure I agree too that the best news is always bad news.....For the news companies I mean.

They love to sensationalize things.

But we also do in fact have a massive redistribution of wealth occurring...Which again I am agreeing with your statement "some people are doing nicely"

There is always the right way & wrong way bet at the table.

As for the last statement though I do not know those banks as I am in the US.

If you mean she moved & nothing bad happened at the old bank...........Well of course I am sure it was in hindsight not needed. But..............Does she feel really stupid for doing it? I hope not....Would she have felt really stupid if she had that info & did not move her $$ & the bank failed? Probably..........

Here in the US we have a lot of sensational news too but quite the opposite about the meat & potatoes of it.

Meaning they do in fact have a "you cant handle the truth" mentality here.

I guess it is protectionism too that they do not want a run on the banks. But they do not report many things here. Of course freedom of the press tends to prevail & the word gets out but it is not headlines.

For instance many would not know that 13 banks have failed in the US in 2009 already .............Sure they were not Lloyd's size but still these things are in fact occurring. And it is only February! FDIC & NCUA have their hands full & like the IMF have very limited funds in reality. Which is why IMO they raised their limit to 250k per depositor.

Keep everyone calm & rightfully so. I am not so short sighted to not know a panic will make it all very much worse. But I am also not so short sighted to not see these facts & prepare in some way for the possibility of things getting worse.

http://money.cnn.com/2009/02/13/news/econo...sion=2009021320

Edited February 16, 2009 by flying

[Chaimai]

Here in the US we have a lot of sensational news too but quite the opposite about the meat & potatoes of it.

Meaning they do in fact have a "you cant handle the truth" mentality here.

I guess it is protectionism too that they do not want a run on the banks. But they do not report many things here. Of course freedom of the press tends to prevail & the word gets out but it is not headlines.

For instance many would not know that 13 banks have failed in the US in 2009 already

http://money.cnn.com/2009/02/13/news/econo...sion=2009021320

Thanks - that is fascinating.

Just to cover off the lady in the bank - my point was that in the UK deposits up to £30,000 (now £50,000) were guaranteed by the government... and yes that makes it 100% safe in my book. But,. she had been 'scared' into taking her savings from one bank (that had received poor press) to another (that she would have had no idea about their solvency). It was a pointless exercise because she was 100% covered anyway. It is the psychological effect of this act that concerns me from the input of information to that lady, the factors that caused her own 'run on the bank', the message that others see from the act.

Not sure I like "You can't handle the truth" being imposed on me but it is fair to say that some people handle information better than others.

I worked for Midland bank when they lost US$1bn in the late 1980's. Midland were illiquid and there was a crisis meeting one Christmas Eve with the Bank of England who, in true Brit style, quietly helped 'sort it'. The press did not get hold of the story (or did not run it) and there was no panic anywhere. Midland carried on (pretty much) with business as usual. They were deeply scarred and were bought for £4.2bn by HSBC - the investment was repaid within 3 years.

http://www.independent.co.uk/news/business...-us-660031.html

In your link I even saw the positive that it was "only" US$ 360m of potential loss in those banks, many deposits were simply taken over etc, etc It is also easier for a bank to fail in the States given propensity of much smaller banks. In the past in the UK we had many building societies (small banks) 'merge' in difficult times.

[Pakboong]

"Right after the crash of 1997, shop houses in Jomtien were selling for the same price as before the crash. One point four million would buy your choice. The prices never dropped at all and in fact went up. Those same shells are now selling for about four million. After all these years there are still some shells available although not many. What does this mean? It means that if you want to buy property, buy from a panicked farang." Gary A.

The above post was submitted by Gary A. to rebut the scaremongering regarding real estate slumping in Thailand. His point of course, was that shophouses were unaffected pricewise during the 97 crisis. But, in less than a decade, these Shophouses jumped up in price from 1.4 million to 4 million. The should scare the life out of anyone owning a shophouse going into the current crisis. If the data submitted is anywhere near accurate, we have some scary times ahead. If somebody considers this post as scaremongering, so be it but I will not be investing in a shophouse any time soon. In fact, most all property can be tracked logically using an example such as this one.

[midas]

"Right after the crash of 1997, shop houses in Jomtien were selling for the same price as before the crash. One point four million would buy your choice. The prices never dropped at all and in fact went up. Those same shells are now selling for about four million. After all these years there are still some shells available although not many. What does this mean? It means that if you want to buy property, buy from a panicked farang." Gary A.

The above post was submitted by Gary A. to rebut the scaremongering regarding real estate slumping in Thailand. His point of course, was that shophouses were unaffected pricewise during the 97 crisis. But, in less than a decade, these Shophouses jumped up in price from 1.4 million to 4 million. The should scare the life out of anyone owning a shophouse going into the current crisis. If the data submitted is anywhere near accurate, we have some scary times ahead. If somebody considers this post as scaremongering, so be it but I will not be investing in a shophouse any time soon. In fact, most all property can be tracked logically using an example such as this one.

Yes indeed Pakboong .....

And I wonder how many of those 4 million baht purchases have been made with the assistance

of the banks? They are absolutely all over Pattaya and mostly empty especially near the

Centre around Tukom Shopping Centre- very thought-provoking

[Chaimai]

The above post was submitted by Gary A. to rebut the scaremongering regarding real estate slumping in Thailand. His point of course, was that shophouses were unaffected pricewise during the 97 crisis. But, in less than a decade, these Shophouses jumped up in price from 1.4 million to 4 million. The should scare the life out of anyone owning a shophouse going into the current crisis. If the data submitted is anywhere near accurate, we have some scary times ahead. If somebody considers this post as scaremongering, so be it but I will not be investing in a shophouse any time soon. In fact, most all property can be tracked logically using an example such as this one.

Yes indeed Pakboong .....

And I wonder how many of those 4 million baht purchases have been made with the assistance

of the banks? They are absolutely all over Pattaya and mostly empty especially near the

Centre around Tukom Shopping Centre- very thought-provoking

Now that is NOT scaremongering, it is simply unbelieveable. The intransigence of sellers (mainly Thais but some Farang as well) to hold out for a price when the market has clearly moved against them astounds me. Perhaps they are right - sit in and wait for your asset to increase in value three-fold.

There are also many, now very tired looking, rows of empty shophouses all across Thailand

[lannarebirth]

The above post was submitted by Gary A. to rebut the scaremongering regarding real estate slumping in Thailand. His point of course, was that shophouses were unaffected pricewise during the 97 crisis. But, in less than a decade, these Shophouses jumped up in price from 1.4 million to 4 million. The should scare the life out of anyone owning a shophouse going into the current crisis. If the data submitted is anywhere near accurate, we have some scary times ahead. If somebody considers this post as scaremongering, so be it but I will not be investing in a shophouse any time soon. In fact, most all property can be tracked logically using an example such as this one.

Yes indeed Pakboong .....

And I wonder how many of those 4 million baht purchases have been made with the assistance

of the banks? They are absolutely all over Pattaya and mostly empty especially near the

Centre around Tukom Shopping Centre- very thought-provoking

Now that is NOT scaremongering, it is simply unbelieveable. The intransigence of sellers (mainly Thais but some Farang as well) to hold out for a price when the market has clearly moved against them astounds me. Perhaps they are right - sit in and wait for your asset to increase in value three-fold.

There are also many, now very tired looking, rows of empty shophouses all across Thailand

You know, one thing many westerners fail to take into consideration is, many many people buy realestate with no intention of selling it, ever. Take my wife for instance. The day after she moved into our house she put up a For Sale sign for about 80% more than she had just paid. 3 years later someone wanted to buy her house for that price and she was mortified and promptly took down the sign. It's back up now with a price adjustment higher and don't forsee anyone being to bothered anytime soon.

[whatawonderfulday]

best options .

with the requirement to have 800,000 tb .

tucked away in a thai bank ,

for the purpose of obtaining a retirement visa .

worse case senario.

what if thai banks follow ,

the trendy ,yuppy , western banks ,

and declare themselves , BUST .

could we expect the thai goverment ,

to bail out the thai banks ??.

as the righteous , british goverment has { out of our pension funds }

our can we kiss our 800.000 tb . bye bye ..

and replace it , from our own finances ..

as per visa , requirements ,of 800.000 bt

any legal eagles , on board ??

sweet dreams .

What a load of cr4p. More unnecessary panic-mongering. Check your facts first - 2 clicks got me to this:-

BANGKOK - THAILAND'S cabinet on Tuesday agreed to extend a guarantee on bank deposits by two years until 2011, to build confidence in the sector amid the global financial credit crisis, Finance Minister Suchart Thanda-Thamrongvech said.

The global credit crunch has left countries worldwide with a shortage of funds and created fear among investors that their money will not be safe in banks. 'The cabinet has approved the finance ministry's proposal to extend the 100 per cent guarantee on deposits to Aug 10th, 2011,' Mr Suchart said.

Now get back to your dreams/nightmare.

It's my understanding that this guarantee DOES NOT extend to foreigners with deposits........just Thai citizens????????

Not correct as it is applicable to all accounts held in any Bank operating in Thailand