Thai Banks May Shut Down Branches In Risk Areas

[webfact]

PRO-THAKSIN MASS RALLY

Banks in risk areas allowed to decide whether to suspend service

By The Nation

BANGKOK: -- Bank of Thailand allows commercial banks to make their own judgement if they need to shut down branches or withold ATM cash refills in the risk areas, to cope with the red shirts' demonstration in this weekend.

Deputy Governor Krik Wanigkul said Monday the banks are allowed to do so without having the Central Bank's consent.

In normal situation, branch shutdown or ATM cash refill postponement needs the central bank's approval. But the central bank considers the demonstration as an emergency. However, if any bank shuts down the branches or delay the cash refills, the central bank will later check if they act appropriately.

Krik said that the central bank had no idea to what the demonstration will lead.

The red shirts plan to stage rallies around Bangkok during March 12-14.

-- The Nation 2010-03-08

[newsfooter][/newsfooter]

[Sunderland]

Cue the shutdown of all shops, restaurants, etc. for the weekend when nobody has any money to spend.

Mass exodus to the beach.

Only a matter of time before a long weekend is declared.

[gotlost]

This is one way to get a holiday.

[NADTATIDA1]

Restaurants closing...Thais not eating....ATM"s not giving money,Amazing Thailand

[jonclark]

Come on give us all another long weekend, we only had one a couple of weeks ago.

[Scott]

I am curious about the refilling of ATM's. If there is chaos, how will those money trucks get through to the unaffected areas?

Might be a good idea to keep some cash on hand.

[malky49]

Can anyone tell me if the Silom and Sathorn area's will be affected with the rally ???? Was supposed to meet a friend there on Thursday and Friday.....

Thanks

[webfact]

UPDATE

Bankers permitted to halt ATM, close bank branches in emergency

BANGKOK (TNA) -– The management of Thailand's commercial banks are permitted to instruct an immediate halt to ATM services or the operations of bank branches in risk-prone areas without prior consent from the central bank, according to Bank of Thailand (BoT) Deputy Governor Krirk Vanikkul.

The BoT decision was made amid mounting rumors that the planned mass rally by anti-government Red Shirt demonstrators on March 14 might turn violent and lead to a destruction of ATM booths or bank branches, particularly in risk-prone areas.

Under a contingency plan to ensure the safety of commercial banks which the BoT discussed with bank executives, he said, the central bank allows bank executives to halt ATM services or branch bank operations immediately in case of emergency.

“Normally, commercial banks must report to the central bank first if they have to decide on the closing of bank branches or ATM booths, but in case of emergency, the central bank is allowing the banks to make the decision and report it later to ensure safety of their employees and property,” he said.

Mr Krirk said he believed all commercial banks had understood well a need to take care of their employees and property and had a contingency plan to ensure their safety.

The deputy chief added the BoT also approved an extension of services by the coordination center tasked to address lending problems from April to the end of this year because many consumers continued to complain with the center.

Mr Krirk said the center could serve as a channel to create proper understanding among people of how to seek loans and services from commercial banks. It is also a venue where people could file a complaint about problems they have with financial institutions.

Should people have any loan problems, they could file their complaint or discuss with the center at telephone number 02-283-5900. (TNA)

-- TNA 2010-03-09

[newsfooter][/newsfooter]

[neverdie]

I am curious about the refilling of ATM's. If there is chaos, how will those money trucks get through to the unaffected areas?

Might be a good idea to keep some cash on hand.

Great advice Scott. Bangkok is a very unforgiving town when ur cash runs out.

[Tumbo]

Umm - pardon my ignorance here, but is the situation gonna 'that' bad?

Like, no cash from the ATMs, or no restaurants are gonna open.

hey - I dunno - but from the news, the rallies are gonna be congregating at Ratchadamneon Rd in the eve, aren't they? So meaning, in the CBD - like Siam Square or other districts that quite away from the protesting spot, the ATMs or shops should be working fine as usual, shouldn't they?

Cheers

Edited: Typos!

Edited March 10, 2010 by Tumbo

[anotherpeter]

Umm - pardon my ignorance here, but is the situation gonna 'that' bad?

Like, no cash from the ATMs, or no restaurants are gonna open.

hey - I dunno - but from the news, the rallies are gonna be congregating at Ratchadamneon Rd in the eve, aren't they? So meaning, in the CBD - like Siam Square or other districts that quite away from the protesting spot, the ATMs or shops should be working fine as usual, shouldn't they?

Cheers

Edited: Typos!

It talks about banks/atms in the risk areas. The further you are from there, the more chance you have of getting money.

Siam Square will probably have cash and be open, but I think the area (certainly Siam Paragon and Central World Plaza) were shut down for a day during the Songkran riots last year.

[Tumbo]

cheers mate

I indeed overlooked the "risk-prone area" word in the news.

Edited March 10, 2010 by Tumbo

[siampolee]

I am getting in a case or two of beer and going to watch the antics of the Thaksin Faithful going to Hades (cos you can't say H**L) on a handcart on the T.V or the Internet, provided of course thee isn't a breakdown at the servers or the transmitters !!!

Edited March 10, 2010 by siampolee

[anotherpeter]

A little graphic I came across showing where the hordes are gathering before the protest.

[animatic]

Getting a case of beer, moving the TV next to the computer,

and waiting fro the balloon to go up on another Thasinextravaganza.

Then write about it on TVF news.

Now that is pure entertainment....

Don't forget the popcorn and cotten candy.

Or maybe not.

[chantorn]

Thai banks shutting down. I better run for my money.